<SEC-DOCUMENT>0001292814-24-004131.txt : 20241108
<SEC-HEADER>0001292814-24-004131.hdr.sgml : 20241108
<ACCEPTANCE-DATETIME>20241108163837
ACCESSION NUMBER:		0001292814-24-004131
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240930
FILED AS OF DATE:		20241108
DATE AS OF CHANGE:		20241108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEFONICA BRASIL S.A.
		CENTRAL INDEX KEY:			0001066119
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14475
		FILM NUMBER:		241441297

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>vivitr3q24_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

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

<DIV style="BORDER-TOP: windowtext 4.5pt double; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; PADDING-TOP: 1pt; 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; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<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 November, 2024</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>

<HR align=center color=#000000 width="15%">

<FONT lang=PT-BR><BR clear=all></FONT>

<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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<DIV align=center>

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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>

   <TD vAlign=top width="20%">

   <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>

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <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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<DIV align=center>

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<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <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>

   <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"></FONT>&nbsp;</P></DIV></TD>

   <TD vAlign=top width="20%">

   <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>

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <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>

   <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&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

<DIV align=center>&nbsp;</DIV>

<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>

<DIV align=center>

<TABLE style="WIDTH: 30%; MARGIN-LEFT: 55pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <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>

   <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"></FONT>&nbsp;</P></DIV></TD>

   <TD vAlign=top width="20%">

   <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>

   <TD style="BORDER-RIGHT: windowtext 1pt solid" vAlign=top width="30%">

   <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>

   <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&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

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

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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: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV>

<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></DIV>


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<P STYLE="font: 10pt/16pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<IMG SRC="image_0001.jpg" ALT="" STYLE="height: 922px; width: 649px"></P>

<P STYLE="font: 10pt/16pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD><TD STYLE="text-align: center"><IMG SRC="image_0002.jpg" ALT="">&nbsp;<P STYLE="text-align: left; font: 8pt Roboto Light; margin: 0 0 1.2pt">Rua Castilho, 392 - 3&ordm; Andar</P><P STYLE="text-align: left; font: 8pt Roboto Light; margin: 0 0 1.2pt">Brooklin - S&atilde;o Paulo - SP</P><P STYLE="text-align: left; font: 8pt Roboto Light; margin: 0 0 1.2pt">CEP 04568-010</P><P STYLE="text-align: left; font: 8pt Roboto Light; margin: 0 0 1.2pt">S&atilde;o Paulo - Brasil</P><P STYLE="text-align: left; font: 8pt Roboto Light; margin: 0 0 1.2pt">T: +5511 5102-2510</P><P STYLE="text-align: left; font: 8pt Roboto Medium; margin: 0 0 1.2pt"><B>www.bakertillybr.com.br</B></P></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-weight: normal">(Free
translation from the original issued in Portuguese. In the event of discrepancies, the Portuguese language version prevails).</FONT></P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Independent auditors&rsquo; review report on
the consolidated and individual interim financial information</B></P>

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

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To the</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Management and Shareholders of</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Telef&ocirc;nica Brasil S.A.</B></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">S&atilde;o Paulo - SP</P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Introduction</B></P>

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

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We have reviewed the consolidated and individual
interim financial information of <B>Telef&ocirc;nica Brasil S.A. (&ldquo;Company&rdquo;)</B>, included in the Quarterly Information Form
&ndash; &ldquo;ITR&rdquo; for the quarter ended September 30, 2024, which comprise the balance sheet as of September 30, 2024, and the
related statements of income and comprehensive income for the three- and nine-month periods then ended and changes in equity and cash
flows for the nine-month period then ended, including material accounting policies and other explanatory information.</P>

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

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company Management is responsible for preparing
the consolidated and individual interim financial statements in accordance with the accounting standard CPC 21(R1) &ndash; Interim financial
reporting and IAS 34 &ndash; Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), and for presenting
the aforementioned information in accordance with the standards issued by the Brazilian Securities Commission (CVM) that apply to the
preparation of the Quarterly Information (ITR)<I>.</I> Our responsibility is to express a conclusion on such interim financial information
based on our review.</P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Scope of the review</B></P>

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

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We conducted our review in accordance with Brazilian
and International Standards for reviewing interim financial information (NBC TR 2410 and ISRE 2410 &ndash; Review of Interim Financial
Information Performed by the Independent Auditor of the Entity, respectively). A review of the interim financial information consists
of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with audit standards and, as a result, we cannot provide
assurance that we have discovered all the significant matters that could have been identified by an audit. Accordingly, we do not express
an audit opinion.</P>


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<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD>
    <TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>INDIVIDUAL COMPANY AND CONSOLIDATED INTERIM BALANCE SHEETS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">On September 30, 2024 and December 31, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Conclusion on the Company and
consolidated interim financial information</B></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Based on our review we are not
aware of any facts that lead us to believe the consolidated and individual interim financial information included in the aforesaid &ldquo;ITR&rdquo;
has not been prepared, in all material respects, in accordance with the accounting standard CPC 21 (R1) and IAS 34 applicable to the preparation
of Quarterly Information &ndash; &rdquo;ITR&rdquo;, and presented in accordance with the standards issued by the Brazilian Securities
Commission (CVM).</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Other matters</B></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Statement of Value Added</B></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The aforementioned quarterly financial
information include the consolidated and individual Statements of Value Added (DVA) for the nine-month period ended September 30, 2024,
which are the responsibility of Company&rsquo;s Management and are presented as supplementary information for IAS 34 purpose. This financial
statement was subject to review procedures conducted together with the review of the quarterly financial information, for the purpose
to conclude whether it has been reconciled with the interim financial information and accounting records, as applicable, and if its form
and content comply with the criteria set out in the accounting standard CPC09 &ndash; &ldquo;Statements of Value Added&rdquo;. Our review
did not detect any facts that lead us to believe that the DVA has not been prepared, in all material respects, in accordance with the
criteria established in this accounting standard and consistently in relation to the consolidated and individual interim financial statements
taken as a whole.</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">S&atilde;o Paulo, October 31,
2024.</P>

<P STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Baker Tilly 4Partners Auditores
Independentes Ltda.</B></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">CRC 2SP-031.269/O-1</P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 50.2pt 0 49.5pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 13pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>Nelson Varandas dos Santos&#9;&#9;</B></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Accountant CRC 1SP-197.110/O-3&#9;&#9;</P>

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

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

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

<P STYLE="font: 8pt Roboto Light; margin: 0; text-align: justify; background-color: white">Baker Tilly 4Partners, operating under the
name Baker Tilly, is a member firm of the Baker Tilly International global network, whose members are separate and independent legal entities.</P>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD>
    <TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>INDIVIDUAL COMPANY AND CONSOLIDATED INTERIM BALANCE SHEETS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">On September 30, 2024 and December 31, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais)</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><P STYLE="font: 8pt Frutiger LT 45 Light,serif; margin: 0"></P></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; width: 46%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>ASSETS</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; width: 6%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Note</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%; background-color: white"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%; background-color: white"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; width: 11%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%; background-color: white"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; width: 11%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%; background-color: white"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; width: 11%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Current
    assets</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;21,817,863&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;18,209,928&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;23,076,772&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;19,244,962&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">3.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,317,429&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,031,235&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,798,719&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,358,276&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Financial
    investments</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">4.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,148&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,148&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Trade
    accounts receivable</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">5.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,790,788&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,944,992&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,195,715&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,318,077&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Inventories</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">6.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,173,096&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;805,855&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,200,976&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;822,814&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Prepaid
    expenses</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">7.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,820,277&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,194,735&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,240,020&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,434,042&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Income
    and social contribution taxes recoverable</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">8.a.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;861,831&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;723,227&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;879,021&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;752,593&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Taxes,
    charges and contributions recoverable</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">9.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,147,679&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,893,438&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,213,748&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,937,770&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Judicial
    deposits and garnishments</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">10.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;145,520&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;71,695&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;146,331&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;72,516&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Dividends
    and interest on equity</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">18.a.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;169,183&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,503&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;51&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;51&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    financial instruments</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">31.a.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,861&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,107&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,861&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,336&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other
    assets</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">11.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;384,199&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;532,993&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;394,330&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;539,339&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Non-current
    assets</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;100,564,076&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;101,536,631&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;100,590,900&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;101,493,018&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Long-term
    assets</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;5,674,731&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;5,371,752&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;6,066,565&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;5,773,026&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 19.8pt; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Financial
    investments</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">4.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;31,931&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36,154&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;32,137&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36,169&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 19.8pt; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Trade
    accounts receivable</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">5.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;295,984&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,036&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;329,857&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,036&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 19.8pt; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Prepaid
    expenses</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">7.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,965,836&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,472,064&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,967,813&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,472,615&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 19.8pt; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Deferred
    taxes</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">8.c.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;164,862&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;177,245&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 19.8pt; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Taxes,
    charges and contributions recoverable</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">9.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;615,692&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;675,132&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;615,977&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;675,305&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 19.8pt; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Judicial
    deposits and garnishments</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">10.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,619,122&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,651,191&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,814,369&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,839,413&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 19.8pt; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    financial instruments</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">31.a.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,952&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,952&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 19.8pt; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other
    assets</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">11.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;146,166&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;109,223&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;141,311&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;144,291&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Investments</B></FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">12.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,072,047&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,086,115&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;526,860&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;438,870&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Property
    and equipment</B></FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">13.a.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;45,810,848&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;46,287,357&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;45,826,158&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;46,318,147&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Intangible
    assets</B></FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">14.a.</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;48,006,450&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;48,791,407&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;48,171,317&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;48,962,975&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>TOTAL
    ASSETS</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;122,381,939&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;119,746,559&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;123,667,672&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 8pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;120,737,980&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0; color: #FF968E"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD>
    <TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>INDIVIDUAL COMPANY AND CONSOLIDATED INTERIM BALANCE SHEETS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">On September 30, 2024 and December 31, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais)</FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 46%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 6%; border-bottom: black 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Note</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 11%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: Black 1pt solid; width: 11%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 11%; border-bottom: black 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: Black 1pt solid; width: 11%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;23,163,776&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;19,467,043&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;24,003,137&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;20,084,184&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Personnel, social charges and benefits</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">15.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,213,558&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,133,158&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,294,655&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,204,183&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Trade accounts payable</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">16.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,442,441&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,935,069&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,742,807&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,169,945&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Income and social contribution taxes payable</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">8.b.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;96,359&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,050&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;99,898&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,515&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Taxes, charges and contributions payable</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">17.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,549,328&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,561,819&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,603,476&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,605,505&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Dividends and interest on equity</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">18.b.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,996,508&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,245,432&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,996,508&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,247,884&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Provision and contingencies</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">19.a.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,402,250&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;896,936&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,408,700&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;900,971&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Financing, debentures and leases</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">20.a.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,035,431&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,446,577&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,061,825&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,475,660&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Deferred income</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">21.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;756,076&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;738,343&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,113,084&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;960,078&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative financial instruments</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">31.a.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,775&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,948&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,399&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,948&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other liabilities</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">22.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;664,050&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;501,711&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;673,785&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;509,495&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;30,189,610&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;30,712,721&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;30,563,515&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;31,026,476&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Personnel, social charges and benefits</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">15.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;53,761&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;59,675&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;74,887&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;81,151&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Income and social contribution taxes payable</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">8.b.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;215,591&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;197,155&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;215,591&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;197,155&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Taxes, charges and contributions payable</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">17.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,964,424&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,835,231&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,028,146&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,895,732&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Deferred taxes</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">8.c.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,697,371&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,418,740&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,698,215&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,418,740&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Provision and contingencies</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">19.a.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,097,595&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,953,316&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,224,108&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,081,666&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Financing, debentures and leases</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">20.a.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;13,040,449&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;14,169,127&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;13,190,192&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;14,261,567&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Deferred income</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">21.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;129,587&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;124,282&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;131,882&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;126,525&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative financial instruments</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">31.a.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;17,039&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;87,755&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;17,039&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;87,755&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other liabilities</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">22.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,973,793&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,867,440&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,983,455&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,876,185&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>TOTAL LIABILITIES</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;53,353,386&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;50,179,764&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;54,566,652&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;51,110,660&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Equity</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;69,028,553&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;69,566,795&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;69,028,553&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;69,566,795&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Capital</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">23.a.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;62,071,416&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;63,571,416&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;62,071,416&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;63,571,416&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Capital reserves</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">23.c.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;63,095&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;63,095&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;63,095&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;63,095&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Income reserves</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">23.d.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,992,920&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,885,575&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,992,920&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,885,575&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Additional proposed dividends</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">23.e.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Retained earnings</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,836,927&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,836,927&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Equity valuation adjustment</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">23.f.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;64,195&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;46,709&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;64,195&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;46,709&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Non-controlling shareholders</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">23.g.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;72,467&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;60,525&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>TOTAL EQUITY</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;69,028,553&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;69,566,795&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;69,101,020&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;69,627,320&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>TOTAL LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;122,381,939&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;119,746,559&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;123,667,672&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;120,737,980&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Frutiger LT 45 Light,serif; margin: 0; color: #FF968E"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></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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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD>
    <TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>INDIVIDUAL COMPANY AND CONSOLIDATED STATEMENTS OF INCOME</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Three-month and Nine-month periods ended September 30, 2024 and 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 25%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 6%; border-bottom: black 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Note</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">24.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;13,568,717&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;12,672,300&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;39,828,036&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;37,203,730&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,039,057&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;13,111,806&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;41,263,628&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;38,565,425&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cost of sales and services</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,447,684)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,101,625)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(21,833,582)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(20,612,680)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,795,275)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,452,348)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(22,921,786)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(21,710,826)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Gross profit</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,121,033&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,570,675&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;17,994,454&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;16,591,050&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,243,782&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,659,458&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;18,341,842&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;16,854,599&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Operating income (expenses)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,843,752)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,460,472)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(11,788,139)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(10,927,301)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,952,698)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,541,446)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(12,099,062)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(11,188,248)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Selling expenses</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,179,757)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,017,559)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,435,114)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,134,304)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,233,686)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,039,929)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,594,759)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,271,706)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">General and administrative expenses</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(764,200)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(748,185)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,242,334)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,133,745)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(792,110)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(772,001)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,319,274)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,193,405)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other operating income (expense), net</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">26.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;81,397&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;282,929&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(164,215)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;322,627&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;70,904&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;273,507&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(187,402)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;291,541&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Share of results in investees &ndash; equity method</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">12.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;18,808&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;22,343&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;53,524&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;18,121&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,194&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,023)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,373&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(14,678)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Operating income </B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,277,281&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,110,203&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,206,315&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,663,749&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,291,084&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,118,012&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,242,780&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,666,351&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Financial income (expense), net</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">27.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(532,744)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(580,530)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,586,876)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,739,181)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(528,983)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(569,896)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,567,270)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,713,111)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income before taxes</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,744,537&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,529,673&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;4,619,439&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,924,568&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,762,101&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,548,116&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;4,675,510&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,953,240&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Income and social contribution taxes</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">8.d.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(77,093)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(58,130)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(834,534)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(495,825)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(94,032)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(71,508)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(879,823)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(521,059)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net income for the period</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,667,444&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,471,543&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,784,905&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,428,743&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,668,069&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,476,608&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,795,687&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,432,181&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;Controlling shareholders</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">23.h.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,667,444&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,471,543&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,784,905&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,428,743&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,667,444&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,471,543&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,784,905&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,428,743&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling shareholders</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">23.h.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;625&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5,065&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;10,782&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,438&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Basic and diluted earnings per common share (in R$)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">23.i.</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1.02&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;0.89&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2.30&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2.07&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Frutiger LT 45 Light,serif; margin: 0; color: #FF968E"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 7 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD>
    <TD STYLE="width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>INDIVIDUAL COMPANY AND CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais)</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Capital
    reserves</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Income
    reserves</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 18%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; width: 4%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Capital</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; width: 5%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Special
    goodwill reserve</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: Black 1pt solid; width: 5%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Treasury
    shares</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: Black 1pt solid; width: 5%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Other
    capital reserves</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; width: 4%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Legal
    reserve</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 5%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Treasury
    shares</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 5%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Tax
    incentive reserve</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 5%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Reserve
    for remuneration to shareholders and investments</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; width: 5%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Retained
    earnings</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; width: 5%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&nbsp;Proposed
    additional dividends</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; width: 5%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Equity
    valuation adjustment</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; width: 5%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Parent
    Company equity</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; width: 5%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Non-controlling
    shareholders</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; width: 5%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Consolidated
    equity</B></FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;63,571,416&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;63,074&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;(607,443)</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;693,778&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;3,589,552&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;214,449&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;52,107&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;68,455,847&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Payment
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    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(826,731)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(826,731)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(826,731)&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Unclaimed
    dividends and interest on equity</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;84,597&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;84,597&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;84,597&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Appropriation
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;62,547&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(62,547)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
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    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;607,443&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(607,443)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(286,567)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(286,567)&#9;</FONT></TD></TR>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;2&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;2&#9;</FONT></TD></TR>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;511&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;511&#9;</FONT></TD></TR>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Other
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;58,826&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(6,679)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;52,147&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;52,147&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Net
    income for the period</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;3,428,743&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;3,428,743&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;3,438&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;3,432,181&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Interim
    interest on equity</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(1,586,000)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(1,586,000)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(1,586,000)&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;63,571,416&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;63,074&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;(86,337)</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;86,337&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;3,589,552&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;(200,230)</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;276,996&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;1,923,619&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;45,504&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;69,269,931&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;56,056&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;69,325,987&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Unclaimed
    dividends and interest on equity</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(202,191)&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Share
    of equity interest in transactions in investees</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;21&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;21&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;21&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Other
    comprehensive income </FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(157,986)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;1,205&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(156,781)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;203&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(156,578)&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Net
    income for the period</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;1,600,646&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;1,600,646&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;7,150&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;1,607,796&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Allocation
    of income:</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;63,571,416&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;63,074&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;(194)</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;215&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;3,841,022&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;313,581&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;1,730,972&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;46,709&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;69,566,795&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;60,525&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;69,627,320&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Unclaimed
    dividends and interest on equity</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;56,418&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;56,418&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;56,418&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Return
    of share capital - EGM 01/24/24</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(1,500,000)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(1,500,000)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; vertical-align: bottom; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(1,500,000)&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Appropriation
    to tax incentive reserve</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;99,396&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(99,396)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Repurchase
    of common shares for treasury</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(992,051)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(992,051)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(992,051)&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Non-controlling
    shareholders in Vivo Ventures &ndash; adjustment</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;1,160&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;1,160&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Other
    comprehensive income </FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;17,486&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;17,486&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;17,486&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Net
    income for the period</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;3,795,687&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">Interim
    interest on equity</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(1,905,000)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(1,905,000)&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%">&#9;(1,905,000)&#9;</FONT></TD></TR>
  <TR STYLE="font: 5pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;62,071,416&#9;</B></FONT></TD>
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    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;63,074&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;(194)</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;215&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;3,841,022&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;(992,051)</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;412,977&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;1,730,972&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;64,195&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;69,028,553&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;72,467&#9;</B></FONT></TD>
    <TD STYLE="font: 5pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt; line-height: 120%"><B>&#9;69,101,020&#9;</B></FONT></TD></TR>
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<P STYLE="font: 1pt/120% Frutiger LT 45 Light,serif; margin: 0; color: #FF968E"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 8 -->
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; padding-top: 2.65pt; padding-bottom: 1.5pt; line-height: 22.4pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD>
    <TD STYLE="width: 36%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 140%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
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  <TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
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  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 21%">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net income for the period</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,667,444&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,471,543&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,784,905&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,428,743&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,668,069&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,476,608&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,795,687&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,432,181&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Other net comprehensive income that may be reclassified to income in subsequent years</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,502&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,617&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;17,495&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,624)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,502&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,617&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;17,495&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,624)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Gains (losses) on derivative financial instruments</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,062&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;898&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,242)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,062&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;898&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,242)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Taxes</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,061)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(305)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;422&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,061)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(305)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;422&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cumulative Translation Adjustments&nbsp;&nbsp;&nbsp;(CTA) on transactions of investees abroad</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,502&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,616&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;16,902&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(5,804)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,502&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,616&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;16,902&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(5,804)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Other net comprehensive income that cannot be reclassified to income in subsequent years</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(4)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(9)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(9)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(55)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(4)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(9)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(9)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(55)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Unrealized losses on financial assets at fair value through other comprehensive income</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(14)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(13)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(84)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(14)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(13)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(84)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Taxes</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;29&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;29&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Other comprehensive income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,498&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,608&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;17,486&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,679)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,498&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,608&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;17,486&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,679)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Comprehensive income for the period &ndash; net of taxes</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,670,942&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,477,151&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,802,391&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,422,064&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,671,567&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,482,216&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,813,173&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,425,502&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Controlling shareholders</FONT></TD>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,670,942&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,477,151&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,802,391&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,422,064&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,670,942&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,477,151&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,802,391&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,422,064&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Non-controlling shareholders</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;625&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5,065&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;10,782&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,438&#9;</FONT></TD></TR>
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<P STYLE="font: 1pt/120% Frutiger LT 45 Light,serif; margin: 0; color: #FF968E"><B><I>&nbsp;</I></B></P>


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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Three-month and Nine-month periods ended September 30, 2024 and 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
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  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Revenues</B></FONT></TD>
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    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
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    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;49,421,988&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;47,051,750&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Sale of goods and services</FONT></TD>
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    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;47,879,028&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;44,901,431&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;49,497,567&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;46,451,841&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other revenues</FONT></TD>
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    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,069,848&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,642,910&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,067,115&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,623,955&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Allowance for expected accounts receivable losses</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,032,443)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(910,830)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,142,694)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,024,046)&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Inputs acquired from third parties</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(17,311,540)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(17,684,969)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(18,341,155)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(18,557,852)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Cost of goods and products sold and services rendered</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(11,877,448)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(12,200,427)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(12,926,723)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(13,123,240)&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Materials, electric energy, third-party services and other expenses</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(5,598,917)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(5,733,801)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(5,577,786)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(5,683,202)&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Loss/recovery of assets</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;164,825&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;249,259&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;163,354&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;248,590&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Gross value added</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;30,604,893&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;27,948,542&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;31,080,833&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;28,493,898&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Withholdings</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(10,424,456)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(9,794,336)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(10,441,154)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(9,885,281)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Depreciation and amortization</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(10,424,456)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(9,794,336)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(10,441,154)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(9,885,281)&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Net value added produced</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;20,180,437&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;18,154,206&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;20,639,679&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;18,608,617&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Value added received in transfer</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,045,275&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,661,949&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,048,641&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,690,831&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Share of results in investees &ndash; equity method</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;53,524&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;18,121&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,373&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(14,678)&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Financial income</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;991,751&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,643,828&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,046,268&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,705,509&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total undistributed value added</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;21,225,712&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;19,816,155&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;21,688,320&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;20,299,448&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Distribution of value added</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;21,225,712&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;19,816,155&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;21,688,320&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;20,299,448&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Personnel, social charges and benefits</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,617,839&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,346,395&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,874,187&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,574,768&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Direct compensation </FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,024,829&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,864,453&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,190,943&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,018,201&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Benefits</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,386,314&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,293,025&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,461,303&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,354,688&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Government Severance Indemnity Fund for Employees (FGTS)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;206,696&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;188,917&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;221,941&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;201,879&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Taxes, charges and contributions</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,218,340&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,791,957&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,385,657&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,001,520&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Federal</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,810,937&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,541,269&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,947,955&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,687,078&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">State&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,231,718&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,080,827&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,234,275&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,118,221&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Local</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;175,685&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;169,861&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;203,427&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;196,221&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debt remuneration</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,604,628&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,249,060&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,632,789&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,290,979&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Interest</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,537,701&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,323,954&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,568,245&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,356,122&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Rental</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,066,927&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;925,106&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,064,544&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;934,857&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Equity remuneration</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,784,905&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,428,743&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,795,687&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,432,181&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Interest on equity distribution</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,905,000&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,586,000&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,905,000&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,586,000&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Retained profit</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,879,905&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,842,743&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,879,905&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,842,743&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Non-controlling shareholders</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;10,782&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,438&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Frutiger LT 45 Light,serif; margin: 0; color: #FF968E"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></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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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD>
    <TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>INDIVIDUAL COMPANY AND CONSOLIDATED STATEMENTS OF CASH FLOWS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais)</FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B><U>Cash flows from operating activities</U></B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income before taxes</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;4,619,439&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,924,568&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;4,675,510&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,953,240&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Adjustment for noncash items:</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Depreciation and amortization</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;10,424,456&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;9,794,336&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;10,441,154&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;9,885,281&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Foreign exchange accruals on loans and derivative financial instruments</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(37,571)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;23,907&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(39,454)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;23,907&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Interest and indexation accruals on assets and liabilities</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;155,770&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;451,755&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;152,771&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;445,413&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Share of results in investees &ndash; equity method</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(53,524)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(18,121)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,373)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;14,678&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Gains on write-off/sale of assets</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(196,295)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(296,907)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(195,342)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(296,922)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance for losses trade accounts receivable</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,032,443&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;910,830&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,142,694&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,024,046&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Change in liability provision</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;184,355&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;317,442&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;197,977&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;235,427&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance for inventory impairment </FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;41,144&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;49,535&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;41,914&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;50,073&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Pension plans and other post-retirement benefits</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;55,755&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;41,405&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;57,093&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;42,479&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Provision for lawsuits</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;470,508&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;549,317&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;474,270&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;553,101&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Interest expenses (loans, financing, leases and derivative transactions)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,562,433&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,588,887&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,573,165&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,604,092&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Dispute settlement agreement - Acquisition of Oi's mobile UPI</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(277,507)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(277,507)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5,429&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;37,784&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(684)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;25,301&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Changes in assets and liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Trade accounts receivable</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(819,633)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,083,573)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(987,974)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,383,018)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Inventories</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(408,385)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(138,949)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(414,993)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(148,703)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Taxes recoverable </FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(326,040)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(234,923)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(357,134)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(264,852)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Prepaid expenses</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(907,550)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(449,677)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,097,039)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(454,799)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other assets</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;36,352&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;126,585&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;13,521&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;27,564&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Personnel, social charges and benefits</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;74,486&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;176,452&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;84,206&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;195,603&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Trade accounts payable</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,242,432&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;503,731&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,281,417&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;763,482&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Taxes, charges and contributions</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;645,373&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,279,435&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;673,874&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,279,175&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Provisions for legal claims, amounts to be refunded to customers and provision&nbsp;for&nbsp;fines&nbsp;for&nbsp;cancellation&nbsp;of&nbsp;lease&nbsp;contracts</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(614,113)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,366,908)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(618,230)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,403,274)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other liabilities</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;151,651&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(30,324)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;318,342&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;41,679&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;12,719,476&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;12,954,512&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;12,739,175&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;12,982,226&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;17,338,915&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;16,879,080&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;17,414,685&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;16,935,466&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Interest paid on loans, financing, debentures and leases</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,600,339)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,483,567)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,610,558)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,502,495)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Income and social contribution taxes paid</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(468,644)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(460,058)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(497,428)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(481,693)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;15,269,932&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,935,455&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;15,306,699&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,951,278&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B><U>Cash flows from investing activities</U></B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions to property and equipment, intangible assets and others </FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,606,224)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,112,162)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,620,347)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,147,702)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Proceeds from sale of property and equipment</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;244,454&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;334,859&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;244,455&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;334,938&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Payment for acquisition of investments and capital subscribed in subsidiary</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(82,674)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(68,187)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(62,983)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(66,197)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Loans granted to the subsidiary CloudCo Brasil</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(45,009)&#9;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Receipts net of judicial deposits</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;46,471&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;87,784&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;46,876&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;89,339&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cash and cash equivalents received upon the acquisition of companies</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;598,581&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,540&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Receipt of dividends and interest on equity</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,452&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cash proceeds from sale of investments</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;161,057&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;176,057&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;161,057&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;191,056&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,279,473)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(4,983,068)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,230,942)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,596,026)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B><U>Cash flows from financing activities</U></B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">New financing</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;83,084&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;15,000&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Payments of loans, financing, debentures and leases</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,473,727)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,186,648)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,498,157)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,199,282)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Receipts &ndash; derivative financial instruments</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;40,254&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;19,340&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;41,849&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;19,340&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Payments &ndash; derivative financial instruments</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(16,759)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(118,980)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(16,764)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(118,980)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Payment for acquisitions of shares for treasury</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(992,051)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(286,567)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(992,051)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(286,567)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Dividend and interest on equity paid</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,819,122)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,503,590)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,821,575)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,503,590)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Payments to shareholders for reduction of share capital</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,442,860)&#9;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,442,860)&#9;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Capital subscriptions made by noncontrolling shareholders in subsidiaries </FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;11,160&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;511&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,704,265)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(7,076,445)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,635,314)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(7,073,568)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Increase in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,286,194&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,875,942&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,440,443&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,281,684&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cash and cash equivalents at beginning of the period</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;4,031,235&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,359,061&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;4,358,276&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,273,834&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cash and cash equivalents at end of the&nbsp;&nbsp;period</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,317,429&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;4,235,003&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,798,719&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;4,555,518&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Frutiger LT 45 Light,serif; margin: 0; color: #FF968E"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 11; Options: NewSection; Value: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>1. OPERATIONS</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>1.a. Background
information</B></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Telef&ocirc;nica Brasil S.A. (the &ldquo;Company&ldquo;
or &ldquo;Telef&ocirc;nica Brasil&ldquo;) is a publicly-held corporation whose main corporate purpose is operating telecommunications
services; the development of activities necessary or complementary to the execution of such services in accordance with the concessions,
authorizations and permissions granted; rendering value-added services; offering integrated solutions, management and provision of services
related to: (i) data centers, including hosting and co-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;
and (v) electronic security systems; licensing and sublicensing of software of any nature, among other activities.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company's principal offices are located
at 1376, Engenheiro Luiz 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&ldquo;), based in Spain which operates in several countries across Europe and Latin America.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Telef&oacute;nica S.A. (&ldquo;Telef&oacute;nica&ldquo;),
the Group holding company, held a total direct and indirect interest in the Company of 75.29% on September 30, 2024 and December 31, 2023
(Note 23.a).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company is registered with the Brazilian
Securities Commission (&ldquo;CVM&ldquo;) and its shares are traded on the B3. It is also registered with the U.S. Securities and Exchange
Commission (&ldquo;SEC&ldquo;) and its American Depositary Shares (&ldquo;ADSs&ldquo;), backed by its common shares, are traded on the
New York Stock Exchange (&ldquo;NYSE&ldquo;).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>1.b. Operations</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company renders the following services:
(i) Fixed Switched Telephone Service Concession Arrangement (&ldquo;STFC&ldquo;); (ii)&nbsp;Multimedia Communication Service (&ldquo;SCM&ldquo;,
data communication, including broadband internet); (iii) Personal Mobile Service (&ldquo;SMP&ldquo;); and (iv) Conditioned Access Service
(&ldquo;SEAC&ldquo; &ndash; Pay TV) and (v) Private Limited Service (&ldquo;SLP&ldquo;), throughout Brazil, through concessions and authorizations,
in addition to other activities.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Service concessions and authorizations are
granted by Brazil's Telecommunications Regulatory Agency (&ldquo;ANATEL&ldquo;), 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;<I>Lei Geral
das Telecomunica&ccedil;&otilde;es</I>&ldquo; &ndash; LGT).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In accordance with the STFC service concession
agreement, every two years, over the life of the agreement's 20-year term ending on December 31, 2025, the Company will pay a fee equivalent
to 2% of its prior-year STFC revenue, net of applicable taxes and social contribution taxes (Note 22).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Before Law no. 13.879 / 2019 came into effect,
authorizations for the use of radio frequencies were commonly granted for 15 years and could be extended only once, for the same term.
Following the normative changes in the aforementioned Law, successive extensions of authorization grants were allowed, though the current
terms were only clarified by Decree no. 10.402/2020 which detailed the requirements related to the new successive extension regime; the
current authorizations are also covered by the new regime.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Decree defined ANATEL's parameters for
evaluating the scope of extension requests, such as ensuring the efficient use of radio frequencies, competitive aspects, meeting the
public interest and fulfilling obligations already assumed with ANATEL.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">Currently, every two years, following the
first extension, the Company must pay a charge equivalent to 2% of revenues earned through the SMP provision in the year prior, net of
taxes and social contributions (Note 22), and for certain terms, in the 15th year, the Company will pay the equivalent of 2% of its prior-year
revenue. The calculation considers the net revenue from Basic and Alternative Service Plans. In authorizations issued in the 700MHz, 2100MHz,
2500MHz sub-bands and in part of the 900/1800MHz authorizations, the calculation of the burden also applies to the remuneration for network
use (Interconnection).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In July 2018, ANATEL published Resolution
No. 695 with a new public spectrum price regulation. This Resolution established new criteria for the costs of extending licenses. The
formula considers factors such as authorization time, revenue earned in the region and amount of spectrum used by the provider. In addition,
there is provision for part of the payment to be converted into investment commitments. However, the applicability of the calculation
methodology contained in the aforementioned Resolution in specific cases of extension of authorizations depends on an assessment by ANATEL.
ANATEL has recently adopted different calculation methods for valuing authorization extensions. In November 2023, ANATEL submitted to
public consultation the review of the Spectrum Use Regulation (&ldquo;RUE&rdquo;), approved by Resolution No. 671, of November 3, 2016.
The draft submitted by ANATEL revokes Resolution No. 695/2018 and directly consolidates in the RUE the rules associated with the valuation
of authorizations for the use of the radio frequency spectrum, also establishing as a standard methodology for both the Cash flow method
discounted at net present value (&ldquo;VPL&rdquo;) .</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Further details of the Company's licenses/authorizations
are presented in Note 14.b.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>1.c. Corporate
events in 2024</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>1.c.1. Establishment of the joint venture
with Auren</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On December 18, 2023, the Company signed
an investment agreement with Auren Energia S.A., through its subsidiary Auren Comercializadora de Energia Ltda. (together, &ldquo;Auren&rdquo;),
for the creation of a joint venture, in which each shareholder holds a 50% equity interest. The entity is engaged in the commercialization
of customized renewable energy solutions throughout Brazil (&ldquo;Operation&rdquo;).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On January 5, 2024 and February 7, 2024,
the Operation was authorized to operate by the General Superintendence of the Administrative Council for Economic Defense (&ldquo;CADE&rdquo;)
and the European antitrust body, respectively. Accordingly, on March 15, 2024, the Company and Auren made capital contributions of R$10,319
each in the joint venture, named Gud Comercializadora de Energia S.A. (&ldquo;GUD&rdquo;) and, On April 11, 2024, the process to obtain
the necessary regulatory licenses and authorizations for the development of GUD's business began.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">The joint venture leverages the experience
of Auren, a market reference in renewable energy generation and leader in energy sales in the country and of the Vivo (the Company's
brand), the leading Brazilian telecommunications market operator with more than 112 million accesses (as of December 2023), and a reference
digital platform in technology and connectivity, with growing presence in B2C and B2B digital ecosystems. By associating Auren's performance
in the generation and commercialization of energy on a Company scale, with its digital penetration and distribution capacity, GUD intends
to position itself in the free energy market in Brazil, which has been opening gradually from January 2024 to business sector customers
served by high voltage networks with demand below 500kW. The joint venture's potential operating market is estimated at over 72,000 large
companies including industrial facilities, offices and commercial establishments, in addition to operating for in low voltage and residential
businesses with the total opening of the Brazilian electricity market. The Operation, reinforces the Company's market positioning, improving
customer experience through value propositions emphasizing its commitment to the Environmental, Social and Corporate Governance (&ldquo;ASG&rdquo;)
pillars.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>1.c.2. Reduction of the Company's share capital</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On January 24, 2024, the Company's Extraordinary
General Meeting (&ldquo;AGE&rdquo;) approved the return (&quot;Reduction&quot;) of R$1,500,000 of share capital, falling from R$63,571,416
to R$62,071,416, without canceling shares. The number of shares are unaltered and the percentage of shareholder participation in the Company's
share capital is unchanged.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">After all applicable legal requirements were
met, the Reduction became fully effective and on July 10, 2024, the Company made the payment for the reduction of its share capital (Note
23.a) in the amount of R$1,442,860 (net of IRRF of R$18,419), in Brazilian Reais, equivalent to R$0.90766944153 for each common share
issued by the Company, to the shareholders held of record at the close of business on April 10, 2024.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In cases where it was not possible to make
payments to shareholders, totaling R$38,721 on July 10, 2024, these amounts will remain available to these shareholders for the prescriptive
period.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>1.c.3. Constitution of Vivo Pay Holding Financeira
Ltda. (&ldquo;Vivo Pay&rdquo;)</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On February 2, 2024, the Company formed a
single-person limited liability company Vivo Pay Holding Financeira Ltda.(&quot;Vivo Pay Holding&quot;), whose exclusive purpose is to
hold equity interests in institutions authorized to operate by the Central Bank of Brazi (&quot;BACEN&quot;)l, as a partner or shareholder.
The Company made a capital contribution of R$5,000 to Vivo Pay, through the issuance of 5,000,000 shares with a nominal value of R$1.00
(one Real) each.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On September 2, 2024, the approval by the
BACEN of the application for authorization to operate Vivo Pay Sociedade de Cr&eacute;dito Direto S.A. (&ldquo;Vivo Pay SCD&rdquo;), a
company controlled by Vivo Pay Holding, was published in the Official Gazette of the Union (&ldquo;DOU&rdquo;).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>1.c.4. Structuring of Vivo Money III - Credit
Rights Investment Fund</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On April 9, 2024, the Vivo Money III Credit
Rights Investment Fund (&ldquo;Vivo Money III&rdquo;) was structured, with a single class of shares, constituted as a closed class, with
limited liability for an indefinite term. On April 29, 2024, the Company made a contribution to Vivo Money III of R$10,000, with the issuance
of another 10,000 junior subordinated shares with an initial unitary nominal value of R$1,000.00 (one thousand Reais).</P>


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<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">Vivo Money III aims to provide its shareholders
with capital appreciation from the acquisition of: (i) eligible credit rights, formalized by supporting documents, which meet the eligibility
criteria and the assignment conditions; and (ii) liquid financial assets, observing all the portfolio composition and diversification
indexes established in its regulations.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The acquisition of eligible credit rights
and other financial assets will originate from credit transactions carried out electronically by the Company's customers, within the scope
of the Vivo Money program, exclusively through an electronic platform made available by the Company.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Vivo Money III is managed by QI Distribuidora
de T&iacute;tulos e Valores Mobili&aacute;rios Ltda, a financial institution in the city of S&atilde;o Paulo - SP, accredited by the CVM
to carry out portfolio management activities through declaratory act no. 11,784, dated June 30, 2011.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>1.c.5. Investments from the Vivo Ventures
Fund (&ldquo;VV&rdquo;)</I></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On April 24, 2024, VV acquired R$24,500 of
shares in Conexa Health LLC, the owner of Conexa Sa&uacute;de Servi&ccedil;os M&eacute;dicos S.A. (&ldquo;Conexa&rdquo;). Conexa is the
leading independent telemedicine platform in Latin America and a digital health ecosystem, connecting, through technology, patients, professionals,
companies and operators, democratizing access to quality healthcare. Prior to this acquisition by VV, Conexa had announced a merger with
Zenklub, a digital services company for emotional health, still pending approval by competition authorities. This is VV's fourth investment
since its creation, in April 2022. The objective of the investment is to strengthen the Company's presence as a digital services hub,
including the health and well-being business.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On June 27, 2024, VV committed to acquiring
a minority shareholding position of US$5 million in CRMBonus Holding, a company that operates in Brazil through its subsidiaries (&ldquo;CRMBonus&rdquo;).
CRMBonus is a platform that uses artificial intelligence to maximize company-customer relationships, popularizing the gift back concept
in Brazil market. From the beginning of this year, one of the solutions offered by CRMBonus, the Vale Bonus, is part of the benefits offered
by the Company to its customers, who receive digital money when topping-up credits or paying their bills in time, contributing to a higher
customer retention. This will be VV's fifth investment since its creation, in April 2022. The objective of the investment is to strengthen
the Company's presence as a digital services hub, by advancing innovative solutions.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>1.c.6. Acquisition by the subsidiary CloudCo
Brasil</I></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On July 22, 2024, CloudCo Brasil, a direct
subsidiary of the Company, entered into a share purchase and sale agreement and other agreements, to acquire all of the shares issued
by IPNET Servi&ccedil;os em Nuvem e Desenvolvimento de Sistemas Ltda. (&ldquo;IPNET&rdquo;) and IPNET USA, LLC (&ldquo;IPNET USA&rdquo;)
(&ldquo;Transaction&rdquo;), for the amount of up to R$230,000, subject to the achievement of certain operational and financial metrics.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The IPNET Group explores, among other activities,
the resale of software and systems, as well as the provision of professional and managed services for adaptation, migration and related
support. Having been in the market for 20 years, the group has participated in the digital transformation of companies, currently having
a diversified portfolio of over 1,400 clients.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Transaction documents contain terms and
provisions common to this type of transaction, and their completion was subject to compliance with certain conditions precedent, including
obtaining authorization from CADE and implementing a corporate reorganization involving the incorporation of the companies Metarj Solu&ccedil;&otilde;es
em Geotecnologia e Desenvolvimento de Sistemas Ltda. (&ldquo;Metarj&rdquo;) and XL Solutions Ltda. (&ldquo;XL&rdquo;) by IPNET.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">These conditions precedent were met, namely:
(i) the final decision of CADE, dated September 3, 2024, which approved the Transaction, without restrictions, through Concentration Act
No. 08700.005417/2024-69; and (ii) corporate reorganization with the incorporation of Metarj and XL by IPNET.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">The Transaction will broaden CloudCo&rsquo;s
Brasil product portfolio and strengthen its professional and managed services, promoting accelerated growth. The investment also strengthens
the Company&rsquo;s digital ecosystem in the B2B segment, by advancing innovative solutions.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>1.d. Tax Reform
on consumption</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On December 20, 2023, Constitutional Amendment
(&ldquo;EC&rdquo;) No. 132 was enacted, which establishes the Tax Reform (&ldquo;Reform&rdquo;) on consumption. Complementary Bills 68/2024
and 108/2024 (&quot;LC&quot;) regulating the Reform are being processed by the National Congress. The Reform is based on a dual VAT model
with taxes under federal jurisdiction (Contribution on Goods and Services - CBS) and non-federal jurisdiction (Tax on Goods and Services
- IBS), which will replace PIS taxes , COFINS, ICMS and ISS.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">A Selective Tax (&ldquo;IS&rdquo;) under
federal jurisdiction was also created, which will apply to the production, extraction, sale or import of goods and services harmful to
health and the environment as defined by, the LC; there is an express provision in the LC that IS will not apply to telecommunications
services. There will be a transition period from 2026 to 2032, in which the two tax systems (old and new) will coexist. The impacts of
the Reform on the calculation of the aforementioned taxes, from the beginning of the transition period, will only be known once the process
of regulating pending issues by LC is finalized.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">As the changes will be applied prospectively,
the Reform has not affected the individual and consolidated quarterly information (&ldquo;ITRs&rdquo;) for the period ended September
30, 2024.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-align: justify; text-indent: -0.25in; color: #00497F"><B>2.
BASIS OF PREPARATION AND PRESENTATION OF INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>2.a. Statement
of compliance</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The individual (Parent Company) and consolidated
(Consolidated) quarterly information (&ldquo;ITRs&rdquo;) were prepared and are being presented in accordance with Technical Pronouncement
CPC 21 - Interim Statements, issued by the Accounting Pronouncements Committee (&ldquo;CPC&rdquo;) and with international standards IAS
34 &ndash; Interim Financial Reporting, issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;), currently called
&ldquo;IFRS accounting standards&rdquo; (IFRS&reg; Accounting Standards), including interpretations issued by the IFRS Interpretations
Committee (IFRIC&reg; Interpretations) or its body predecessor, Standing Interpretations Committee (SIC&reg; Interpretations) and in a
manner consistent with the deliberations issued by the CVM, applicable to the preparation of ITRs.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">All relevant information specific to the
individual and consolidated ITRs, and only this information, is being disclosed and corresponds to that used in the management of the
Company's Administration.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>2.b. Basis of
preparation and presentation</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The individual and consolidated ITRs were
prepared considering historical cost as the value basis (except when different criteria were required) and adjusted to reflect the evaluation
of assets and liabilities measured at fair value.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Assets and liabilities are classified as
current when it is probable that their realization or settlement will occur within the next 12 months (normal operating cycle). Otherwise,
they are classified and demonstrated as non-current. The only exception refers to the balances of deferred tax assets and liabilities,
which are classified and fully demonstrated as non-current.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">The Statements of Cash Flows were prepared
in accordance with IAS 7 / CPC 03 and reflect the changes in cash that occurred in the periods presented, using the indirect method.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The accounting standards adopted in Brazil
require the presentation of the Statement of Added Value (&ldquo;DVA&rdquo;), individual and consolidated, while IFRS standards do not
require its presentation. The DVA was prepared in accordance with technical pronouncement CPC 09 and is being presented as supplementary
information, without prejudice to the set of individual and consolidated ITRs.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">These ITRs compare: (i) for the balance sheets,
the positions on September 30, 2024 and December 31, 2023; (ii) for the statements of income and comprehensive income, the three- and
six-month periods ended on September 30, 2024 and 2023; and (iii) for the statements of value added, changes in equity and cash flows,
the six-month periods ended on September 30, 2024 and 2023.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company's ITRs were approved by the Board
of Directors, at a meeting held on July 24, 2024.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>2.c. Functional
and reporting currency</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Individual and consolidated ITRs are presented
in thousands of Brazilian Real/Reais (R$) (unless otherwise mentioned). The Company's functional and presentation currency is the Real
(R$).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Transactions in foreign currency are converted
into the Real as follows: (i) assets, liabilities and equity (except share capital and capital reserves) are converted at the closing
exchange rate on the balance sheet date; (ii) expenses and revenues are converted at the average exchange rate, except for specific operations
that are converted at the rate on the date of the transaction; and (iii) share capital and capital reserves are converted at the rate
on the date of the transaction.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0">Gains and losses resulting from the conversion of investments abroad
are recognized in the statement of comprehensive income. Gains and losses resulting from the conversion of monetary assets and liabilities
between the exchange rate in force on the date of the transaction and the end of the years (except the conversion of investments abroad)
are recognized in the statement of income.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>2.d. Basis of
consolidation</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Equity interests in controlled or jointly
controlled companies are valued using the equity method in the individual quarterly information. In the consolidated quarterly information,
the investment and all balances of assets and liabilities, income and expenses arising from transactions and equity interest in subsidiaries
are eliminated in full. Investments in jointly controlled companies are accounted for under the equity method in the consolidated quarterly
information.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The information relating to direct and jointly
controlled subsidiaries is the same as in explanatory Note 12 - Investments, disclosed in the financial statements for the year ended
December 31, 2023 except for: (i) formation of the joint venture with Auren (Note 1.c.1); (ii) constituition of Vivo Pay (Note 1.c.3)
and; (iii) structuring of Vivo Money III (Note 1.c.4).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Significant information on the investees
is presented in Note 12.a.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>2.e. Segment
reporting</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Operating segments are defined as components
of an enterprise for which separate financial information is available and evaluated on a regular basis by the chief operating decision
maker in determining how to allocate resources to an individual segment and in evaluating the segment's performance. Considering that:
(i) all decisions are made based on consolidated reports; (ii) the mission of the Company and its subsidiaries is to provide its customers
with quality telecommunications services; and (iii) all decisions relating to strategic, financial planning, purchasing, investments and
application of resources are made on a consolidated basis Management's conclusion is that the Company and its subsidiaries operate in
a single operational segment providing services telecommunications.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>2.f. Significant
accounting practices</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The information in the Notes that did not
suffer significant changes compared to December 31, 2023 has not been fully duplicated in these ITRs.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The accounting policies adopted in the preparation
of the Company's ITRs for the quarter ended September 30, 2024 are consistent with those used in the preparation of the consolidated financial
statements for the year ended December 31, 2023, and should be analyzed in conjunction with those financial statements.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company did not early adopt any new accounting
statements or interpretations, the application of which is not mandatory.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>2.g. Significant
accounting judgments estimates and assumptions</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The preparation of individual and consolidated
ITRs requires the use of certain critical accounting estimates and the exercise of judgment by the Company's Management in applying its
accounting policies. These estimates are based on experience, best knowledge, information available at the year end date and other factors,
including expectations of future events that are believed to be reasonable in the circumstances. The settlement of transactions involving
these estimates may result in values &#8203;&#8203;that differ from those recorded in the ITRs due to the criteria inherent to the estimation
process. The Company reviews its estimates at least annually.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The significant and relevant estimates and
judgments applied by the Company in the preparation of these ITRs have not changed in relation to those presented in the following Notes
to the financial statements for the year ended December 31, 2023: accounts receivable; income tax and social contribution; property and
equipment; intangible; provision and contingencies; loans and financing, debentures, leases and other creditors; pension plans and other
post-employment benefits; and financial instruments and capital and risk management.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>3. CASH AND
CASH EQUIVALENTS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Short-term investments<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;6,270,841&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3,965,584&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;6,749,772&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,289,932&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Cash and banks<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;46,588&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;65,651&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;48,947&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;68,344&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;6,317,429&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;4,031,235&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;6,798,719&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;4,358,276&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/112% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Highly liquid short-term investments basically comprise Bank
Deposit Certificates (&quot;CDB&quot;) and Repurchase Agreements held by top tier rated financial institutions, indexed to the Interbank
Deposit Certificate (&quot;CDI&quot;) 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. On September 30, 2024, the average remuneration of these short-term investments
corresponded to 99.61% of the CDI (101.5% on December 31, 2023).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/7.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">On September 30, 2024 and December
31, 2023, the Consolidated balances included R$14,246 and R$19,474, respectively, related to the Financial Clearing House, with a Telef&oacute;nica
Group member company (Note 26)</FONT></TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/120% Frutiger LT 45 Light,serif; margin: 0 0 4pt 0.25in; text-align: justify; text-indent: -0.25in">.</P>



<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>4. FINANCIAL
INVESTMENTS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Guarantee for legal proceedings<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;31,931&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;36,154&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;32,137&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;36,169&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Investment fund &ndash; FIDC</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,148&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,148&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;31,931&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;37,302&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;32,137&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;37,317&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,148&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,148&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;31,931&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;36,154&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;32,137&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;36,169&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Refer to financial investments held
as guarantees for lawsuits (Notes 19 and 34.b).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>5. TRADE ACCOUNTS
RECEIVABLE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Services and goods<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;10,531,391&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;10,810,457&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;10,871,175&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;10,996,158&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Interconnection amounts<SUP>(1 (2))</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;680,259&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;611,916&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;687,832&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;683,876&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Vivo Money FIDCs</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;286,974&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;358,000&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Related parties (Note 28)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;99,514&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;118,751&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;54,546&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;68,924&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Gross accounts receivable</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;11,311,164&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;11,541,124&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;11,900,527&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;12,106,958&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Allowance for expected losses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(2,224,392)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(2,245,096)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(2,374,955)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(2,437,845)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Net accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;9,086,772&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;9,296,028&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;9,525,572&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;9,669,113&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;8,790,788&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;8,944,992&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;9,195,715&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;9,318,077&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;295,984&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;351,036&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;329,857&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;351,036&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">The consolidated amounts include:
(i) R$2,736,469 and R$2,551,270 to be billed to customers on September 30, 2024 and December 31, 2023, respectively</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Refer to billed amounts from other
telecommunications operators.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">The
consolidated balances of contractual assets with customers were </FONT>R$102,329 <FONT STYLE="background-color: white">and </FONT>R$93,106
<FONT STYLE="background-color: white">on September 30, 2024 and December 31, 2023, respectively.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On September 30, 2024 and December 31, 2023,
the consolidated non-current balances of accounts receivable refer to the present value of: (i) installments of resale of goods (B2B),
up to 24 months; (ii) Vivo Tech products, up to 60 months; and (iii) right to Vivo Money FIDC credits, up to 36 months. These may be reduced
for their estimated losses to recoverable value.</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">On September 30, 2024, and December 31, 2023,
no customer represented more than 10% of trade accounts receivable, net.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Amounts receivable, net of the allowance
for expected accounts receivable losses, classified by maturity, are as below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Not yet due</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,210,402&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,539,057&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,656,079&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,887,693&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Overdue &ndash; 1 to 30 days</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,202,124&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,067,890&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,214,952&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,134,381&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Overdue &ndash; 31 to 60 days</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;296,480&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;257,457&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;303,963&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;270,926&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Overdue &ndash; 61 to 90 days</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;116,782&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;135,787&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;113,470&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;140,426&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Overdue &ndash; 91 to 120 days</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;121,940&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;139,993&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;120,412&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;138,234&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Overdue &ndash; over 120 days</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;139,044&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;155,844&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;116,696&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;97,453&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;9,086,772&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;9,296,028&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;9,525,572&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;9,669,113&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">The changes in the allowance for expected accounts
receivable losses were:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 72%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(2,281,581)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(2,396,382)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Provision, net of reversal (Note 25)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(910,830)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,024,046)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Write-off</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;830,774&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;842,998&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Merger &ndash; Garliava</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(55,725)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(2,417,362)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(2,577,430)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Provision, net of reversal </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(303,171)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(338,632)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Write-off</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;475,437&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;478,217&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(2,245,096)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(2,437,845)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Provision, net of reversal (Note 25)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,032,443)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,142,694)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Write-off</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,053,147&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,205,584&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(2,224,392)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(2,374,955)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>6. INVENTORIES</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Materials for resale<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,248,133&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;819,480&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,276,884&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;836,799&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Materials for consumption</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;30,839&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;37,248&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;32,245&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;38,422&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other inventories</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,808&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;39,263&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,825&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;39,263&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Gross inventories</B></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,281,780&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;895,991&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,311,954&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;914,484&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Allowance for losses from impairment or obsolescence<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(108,684)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(90,136)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(110,978)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(91,670)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Net inventories</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,173,096&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;805,855&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,200,976&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;822,814&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">This includes, among others, mobile
phones, SIMcards (chips) and IT equipment in stock.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Additions and reversals of the provision
for inventory losses and obsolescence are included in Cost of goods sold (Note 25).</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>7. PREPAID
EXPENSES</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Incremental costs (customer contracts)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,668,308&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,986,764&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,668,308&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,986,764&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">FISTEL fee<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;343,226&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;343,227&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Software and networks maintenance</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;462,394&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;206,649&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;875,507&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;397,931&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Advertising and publicity</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;58,204&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;197,309&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;58,204&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;197,315&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Personnel</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;56,133&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;116,934&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;58,009&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;120,138&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Financial charges </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;114,400&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;101,743&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;114,400&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;101,743&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Rental, insurance and other prepaid expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;83,448&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;57,400&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;90,178&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;102,766&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;3,786,113&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,666,799&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;4,207,833&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,906,657&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,820,277&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,194,735&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,240,020&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,434,042&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,965,836&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,472,064&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,967,813&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,472,615&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Incremental costs for contracts
with customers are mostly sales commissions paid to partners to obtain customer contracts, deferred as income under IFRS 15 in accordance
with the term of the contract and/or economic benefit to be generated, usually two to six years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% 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"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Refers to the remaining balance
of Inspection and Operation Fee amounts, which will be fully amortized by the end of 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>8. INCOME AND
SOCIAL CONTRIBUTION TAXES</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>8.a. Income
and Social Contribution taxes recoverable</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Income taxes </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;751,003&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;626,771&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;764,364&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;649,400&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Social contribution taxes </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;110,828&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;96,456&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;114,657&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;103,193&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;861,831&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;723,227&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;879,021&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;752,593&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>8.b. Income
and Social Contribution taxes payable</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Income taxes </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;234,174&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;148,088&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;236,773&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;149,763&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Social contribution taxes</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;77,776&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;50,117&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;78,716&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;50,907&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;311,950&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;198,205&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;315,489&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;200,670&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;96,359&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,050&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;99,898&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3,515&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;215,591&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;197,155&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;215,591&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;197,155&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">The September 30, 2024 and December 31, 2023
balances include <FONT STYLE="background-color: white">R$216,711</FONT> and R$198,205, respectively, of taxes to meet IFRIC 23 (Note 8.e).</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>8.c. Deferred
taxes</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Significant components of deferred income
and social contribution taxes are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 33%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 12.31.2022</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Statement
    of income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Comprehensive
    income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Merger
    of Garliava and PPA allocation</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 09.30.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on Statement of income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Comprehensive
    income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 12.31.2023</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets&nbsp;&nbsp;(liabilities)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income
    and social contribution taxes on tax losses<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,318,400&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(339,848)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,978,552&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;17,616&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,996,168&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income
    and social contribution taxes on temporary differences<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,150,121)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;532,617&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;451&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;295,923&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,321,130)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(173,905)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;80,127&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,414,908)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Provision
    for legal, labor, tax civil and regulatory contingencies</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,225,302&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(24,674)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;155,944&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,356,572&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,423)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,355,149&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Trade
    accounts payable and other provisions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,431,096&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;343,755&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;84,574&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,859,425&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;20,937&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,880,362&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Customer
    portfolio and trademarks</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(214,323)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;14,298&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,745&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(195,280)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;11,093&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(184,187)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance
    for expected losses from accounts receivable</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;635,525&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;16,069&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;18,946&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;670,540&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(57,739)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;612,801&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance
    for losses from modems and other P&amp;E items</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;113,312&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;45,344&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(44,737)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;113,919&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,934)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;109,985&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Pension
    plans and other post-employment benefits </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;257,624&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;14,291&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;271,915&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;8,145&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;80,234&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;360,294&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Profit
    sharing</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;187,074&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(28,364)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;158,710&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;60,053&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;218,763&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Licenses</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,524,161)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;31,659&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;86,660&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,405,842)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;39,442&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,366,400)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Goodwill
    (Spanish and Navytree, Vivo Part., GVT Part. and Garliava)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,240,590)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(134,657)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,375,247)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(57,713)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,432,960)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Property
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,029,338)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;43,829&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(985,509)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(205,168)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,190,677)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Technological
    Innovation Law</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,774)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,130&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,644)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;486&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,158)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other
    temporary differences(3)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;18,132&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;208,937&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;451&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(10,209)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;217,311&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;11,916&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(107)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;229,120&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total
    deferred tax liabilities, non-current</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,831,721)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;192,769&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;451&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;295,923&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,342,578)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(156,289)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;80,127&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,418,740)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;8,238,121&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;8,797,875&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;8,985,768&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(12,069,842)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(12,140,453)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(12,404,508)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities, net</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,831,721)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,342,578)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,418,740)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    sheet:</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,831,721)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,342,578)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,418,740)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 52%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 7%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 7%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 12.31.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Comprehensive
    income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Comprehensive
    income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 09.30.2024</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets&nbsp;&nbsp;(liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income
    and social contribution taxes on tax losses<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,996,168&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(282,326)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,713,842&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income
    and social contribution taxes on temporary differences<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,414,908)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;3,997&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(301)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,411,212)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Provision
    for legal, labor, tax civil and regulatory contingencies</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,355,149&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(157,953)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,197,196&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Trade
    accounts payable and other provisions</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,880,362&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;400,994&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,281,356&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Customer
    portfolio and trademarks</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(184,187)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;14,298&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(169,889)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance
    for expected losses from accounts receivable</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;612,801&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(12,440)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;600,361&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance
    for losses from modems and other P&amp;E items</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;109,985&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,226&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;113,211&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Pension
    plans and other post-employment benefits </FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;360,294&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;20,653&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;380,947&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Profit
    sharing</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;218,763&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(61,487)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;157,276&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Licenses</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,366,400)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;118,320&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,248,080)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Goodwill
    (Spanish and Navytree, Vivo Part., GVT Part. and Garliava)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,432,960)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(173,130)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,606,090)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Property
    and equipment - small value items</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,190,677)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(42,687)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,233,364)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Technological
    Innovation Law</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,158)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,040&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,118)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other
    temporary differences</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;229,120&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(106,837)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(301)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;121,982&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total
    deferred tax liabilities, non-current</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,418,740)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(278,329)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(301)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,697,370)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;8,985,768&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;9,009,618&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(12,404,508)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(12,706,989)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities, net</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,418,740)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,697,371)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    sheet:</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,418,740)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,697,371)</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="13" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 38%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 12.31.2022</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Statement
    of income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Comprehensive
    income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 09.30.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Statement
    of income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Comprehensive
    income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 12.31.2023</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets (liabilities)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income
    and social contribution taxes on tax losses<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,366,710&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(347,526)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,019,184&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;78,547&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,097,731&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income
    and social contribution taxes on temporary differences<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,819,338)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;550,106&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;451&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,268,781)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(149,567)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;79,122&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,339,226)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Provision
    for legal, labor, tax civil and regulatory contingencies</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,455,389&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;127,871&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,583,260&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(192,992)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,390,268&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Trade
    accounts payable and other provisions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,505,360&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;362,960&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,868,320&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;27,323&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,895,643&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Customer
    portfolio and trademarks</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(210,441)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;15,076&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(195,365)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;17,207&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(178,158)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance
    for expected losses from accounts receivable</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;666,399&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;10,086&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;676,485&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(54,439)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;622,046&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance
    for losses from modems and other P&amp;E items</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;181,821&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;607&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;182,428&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(72,443)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;109,985&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Pension
    plans and other post-employment benefits </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;258,308&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;14,335&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;272,643&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;12,463&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;79,229&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;364,335&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Profit
    sharing</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;189,748&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(28,720)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;161,028&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;62,392&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;223,420&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Licenses</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,453,258)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;47,416&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,405,842)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;39,440&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,366,402)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Goodwill
    (Spanish and Navytree, Vivo Part., GVT Part., Garliava and Vita IT)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,240,590)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(134,657)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,375,247)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(68,560)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,443,807)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Property
    and equipment - small value items</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,029,338)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;43,829&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(985,509)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(205,169)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,190,678)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Technological
    Innovation Law</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,774)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,130&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,644)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;486&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,158)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other
    temporary differences(3)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(132,962)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;89,173&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;451&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(43,338)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;284,725&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(107)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;241,280&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total
    deferred tax (Liabilities), non-current</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,452,628)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;202,580&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;451&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,249,597)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(71,020)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;79,122&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,241,495)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;8,674,222&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;8,890,856&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;9,177,084&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(12,126,850)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(12,140,453)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(12,418,579)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities, net</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,452,628)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,249,597)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,241,495)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    sheet:</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets of subsidiaries</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;379,093&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;92,981&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;177,245&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,831,721)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,342,578)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,418,740)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 40%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 7%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 12%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 12.31.2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 12%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Statement
    of income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 12%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Comprehensive
    income</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 7pt/120% Frutiger LT 45 Light,serif; width: 12%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on 09.30.2024</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets&nbsp;&nbsp;(liabilities)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income
    and social contribution taxes on tax losses<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,097,731&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(288,054)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,809,677&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Income
    and social contribution taxes on temporary differences<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,339,226)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,503)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(301)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(5,343,030)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Provision
    for legal, labor, tax civil and regulatory contingencies</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,390,268&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(159,454)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,230,814&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Trade
    accounts payable and other provisions</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,895,643&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;404,113&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,299,756&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Customer
    portfolio and trademarks</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(178,158)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;26,122&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(152,036)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance
    for expected losses from accounts receivable</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;622,046&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(16,689)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;605,357&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Allowance
    for losses from modems and other P&amp;E items</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;109,985&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,227&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;113,212&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Pension
    plans and other post-employment benefits </FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;364,335&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;17,922&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;382,257&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Profit
    sharing</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;223,420&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(61,653)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;161,767&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Licenses</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,366,402)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;118,322&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,248,080)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Goodwill
    (Spanish and Navytree, Vivo Part., GVT Part., Garliava and Vita IT)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,443,807)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(175,660)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,619,467)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Property
    and equipment - small value items</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,190,678)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(42,686)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,233,364)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Technological
    Innovation Law</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,158)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,040&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,118)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other
    temporary differences</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;241,280&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(118,107)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(301)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;122,872&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total
    deferred tax liabilities, non-current</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,241,495)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(291,557)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(301)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,533,353)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;9,177,084&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;9,191,074&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(12,418,579)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(12,724,427)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities, net</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,241,495)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,533,353)</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    sheet:</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax assets of subsidiaries</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;177,245&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;164,862&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Deferred
    tax liabilities</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,418,740)</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,698,215)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 4pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Under Brazilian tax legislation
offsets are limited annually to 30% of the taxable income for the year but otherwise have no expiry dates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% 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"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Amounts that will be realized upon
payment of provision, losses from accounts receivable, or upon realization of inventories, as well as upon reversal of other provision.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Includes R$320,700 referring to
deductible temporary differences arising from the acquisition of Garliava whose corresponding deferred income tax asset was not recognized
in the acquisition and realized in the statement of income in the last quarter of 2023.</FONT></TD></TR></TABLE>
<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">On September 30, 2024 and December 31, 2023,
there were unrecognized deferred tax assets for to income tax and social contribution carryforward losses of the Company's subsidiaries
(POP, Recicla V, TGLog, and CloudCo), of R$25,457 and R$24,199 on September 30, 2024 and December 31, 2023, respectively, as offset against
future taxable profits is not assured.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>8.d. Reconciliation
of income tax and social contribution expense</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company and its subsidiaries recognize
income and social contribution taxes on an accrual basis, and pay taxes based on estimates, recorded in a tax auxiliary ledger. Taxes
calculated on profits at the balance sheet date are recorded in liabilities or assets, as applicable.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The statutory tax rate is 34% (income tax
of 25% and social contribution tax of 9%) for the three and nine-month periods ended September 30, 2024 and 2023 is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Income before taxes</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,744,537&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,529,673&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,619,439&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,924,568&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,762,101&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,548,116&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,675,510&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,953,240&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Income and social contribution tax expenses, at statutory rate of 34%</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(593,142)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(520,089)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,570,608)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,334,353)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(599,114)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(526,360)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,589,674)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,344,102)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><U>Permanent differences</U></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Tax benefit related to interest on equity</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;357,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;295,800&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;647,700&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;539,240&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;357,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;295,800&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;647,700&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;539,240&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">SELIC interest on overpaid taxes now exempt from tax</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;12,793&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;89,254&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;12,793&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;89,254&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Non-deductible expenses, gifts, incentives</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(24,303)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(65,433)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(83,695)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(111,396)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(24,883)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(65,613)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(85,304)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(112,057)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Tax incentive operating profit</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;23,560&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;21,012&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;59,369&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;58,267&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;23,560&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;21,012&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;59,369&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;58,267&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Share of results in investees &ndash; equity method</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,394&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;7,596&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;18,198&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,161&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;746&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,028)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;807&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,991)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Unclaimed&nbsp;&nbsp;interest on equity</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(19,182)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(17,153)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(19,182)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(17,153)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(19,182)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(17,153)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(19,182)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(17,153)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other non-deductibles, net</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;172,580&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;207,344&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;113,684&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;274,155&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;167,841&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;209,041&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;106,461&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;270,483&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Tax expense in statement of income</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(77,093)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(58,130)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(834,534)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(495,825)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(94,032)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(71,508)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(879,823)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(521,059)&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Effective rate</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4.4&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3.8&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;18.1&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;12.6&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5.3&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4.6&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;18.8&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;13.2&#9;%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Current income and social contribution taxes</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(94,851)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(340,869)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(556,205)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(688,594)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(107,956)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(352,950)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(588,266)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(723,639)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Deferred income and social contribution taxes</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;17,758&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;282,739&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(278,329)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;192,769&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;13,924&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;281,442&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(291,557)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;202,580&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>8.e. Uncertain
Tax Treatments</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company and its subsidiaries are contesting
several assessments filed by the Brazilian Federal Tax Authority (&ldquo;RFB&ldquo;) for allegedly incorrect deductions of expenses, mainly
related to the amortization of goodwill, at various administrative and judicial levels, of R$36,633,795 and R$30,577,416 on September
30, 2024 and December 31, 2023, respectively. The amount as of March 31, 2024, includes R$4,018,445, relating to a new similar infraction
notice against the Company by the RFB on April 24, 2024. Management, supported by the position of its legal advisors, believes that a
large part of these deductions will likely be accepted once examined by the higher courts of last resort (acceptance probability greater
than 50%).</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">When the Company and its subsidiaries believe
that the probability of loss is greater than 50%, a non-current tax and social contribution liability is recognized. The amount recognized
was R$216,711 and R$198,205 on September 30, 2024 and December 31, 2023, respectively. These claims involve compensation for overpayment
of income tax and social contribution not approved by the RFB.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>9. TAXES, CHARGES
AND CONTRIBUTIONS RECOVERABLE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">State VAT (ICMS)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,019,948&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,060,631&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,022,383&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,062,276&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">PIS and COFINS</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;391,273&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;234,839&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;435,154&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;261,261&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Withholding taxes and contributions<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;271,487&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;177,367&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;290,172&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;191,475&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other taxes </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;80,663&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;95,733&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;82,016&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;98,063&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,763,371&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,568,570&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,829,725&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,613,075&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,147,679&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,893,438&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,213,748&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,937,770&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;615,692&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;675,132&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;615,977&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;675,305&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">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$574,146 and R$635,800 on September 30, 2024 and December 31, 2023, respectively.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Withholding income tax (&quot;IRRF&quot;)
credits on short-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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>10. JUDICIAL
DEPOSITS AND GARNISHMENTS</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Judicial deposits are made, and restrictions
placed on bank accounts to ensure the continuity of legal processes through the courts or to suspend the enforceability of a tax notice.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Judicial deposits are recorded at historical
plus accrued interest.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Judicial deposits</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Tax</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,487,263&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,448,043&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,675,706&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,628,645&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Civil</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;875,676&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;858,877&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;877,545&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;860,248&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Regulatory</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;321,324&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;312,520&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;321,324&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;312,520&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Labor</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;62,086&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;82,777&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;66,923&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;88,986&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,746,349&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,702,217&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,941,498&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,890,399&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Garnishments</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;18,293&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,669&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;19,202&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;21,530&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,764,642&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,722,886&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,960,700&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,911,929&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;145,520&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;71,695&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;146,331&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;72,516&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,619,122&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,651,191&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,814,369&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,839,413&#9;</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">The tax judicial deposits, by type of tax,
on September 30, 2024 and December 31, 2023 is as below. The information relating to judicial deposits is the same as Note 10) Deposits
and Judicial Blocks, in the financial statements for the year ended December 31, 2023.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 72%; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Universal Telecommunication Services Fund (FUST) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;616,268&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;596,356&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">State Value-Added Tax (ICMS) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;424,895&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;406,397&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Social Contribution Tax for Intervention in the Economic Order (CIDE) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;335,409&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;325,423&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Corporate Income Tax (IRPJ) and Social Contribution Tax (CSLL)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;61,270&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;60,462&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Telecommunications Inspection Fund (FISTEL)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;55,196&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;53,360&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Withholding Income Tax (IRRF)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;44,873&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;43,396&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Contribution tax on gross revenue for Social Integration Program (PIS) and for Social Security Financing (COFINS)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;29,085&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;35,770&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Social Security, work accident insurance (SAT) and funds to third parties (INSS)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;27,107&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;25,905&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other taxes, charges and contributions</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;81,603&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;81,576&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,675,706&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,628,645&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>11. OTHER ASSETS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Related-party receivables (Note 28.)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;108,701&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;269,771&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;98,385&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;268,246&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Sale of real estate and other receivables</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;132,485&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;157,352&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;132,485&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;157,352&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Advances to employees and suppliers</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;181,659&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;131,026&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;189,277&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;133,615&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Surplus from post-employment benefit plans (Note 30)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;54,474&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;73,990&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;54,537&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;74,048&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Loan agreement with subsidiary CloudCo Brasil (2)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;45,050&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Sublease of assets and other amounts receivable</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;7,996&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;10,077&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;60,957&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;50,369&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;530,365&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;642,216&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;535,641&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;683,630&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;384,199&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;532,993&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;394,330&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;539,339&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;146,166&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;109,223&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;141,311&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;144,291&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.5in; text-indent: -0.25in; color: #FF968E"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.6pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">On September 30, 2024 and December
31, 2023, includes R$49,156 and <FONT STYLE="background-color: white">R$69,015</FONT>, respectively, referring to the distribution of
the PBS-A surplus.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.6pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">On September 23, 2024, the Company
and its subsidiary CloudCo Brasil entered into a loan agreement in the amount of R$45,009, principal amount), allowing CloudCo Brasil
financial capacity to meet its obligations for the acquisition of IPNET (Note 1.c.6). The principal amount will be adjusted daily, until
the date of effective settlement, by the CDI rate, plus 1.50% per year, from the date the principal is made available until the date of
its effective payment (&ldquo;interest&rdquo;). Interest will be paid semi-annually starting March 27, 2025 and the principal will be
paid on September 27, 2027. For consolidation purposes, this amount was eliminated with CloudCo Brasil liabilities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>12. INVESTMENTS</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>12.a. Information
on investees</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The information relating to direct and jointly
controlled subsidiaries is the same as in Note 12 -&nbsp;Investments, disclosed in the financial statements for the year ended December
31, 2023, except for the events: (i) formation of the joint venture with Auren (Note 1.c.1); (ii) constituition of Vivo Pay (Note 1.c.3)
and; (iii) structuring of Vivo Money III (Note 1.c.4).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">A summary of the selected financial data
of the direct and jointly controlled subsidiaries in which the Company has an interest is presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended September 30, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Investees</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Participation</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Investment</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Equity</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net profit (loss)</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Terra Networks<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;852,736&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;661,063&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;191,673&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;510,357&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;51,882&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">TGLog</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;41,817&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;43,794&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,977)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;39,236&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(14,978)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">POP<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;164,729&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;76,136&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;88,593&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;25,119&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;10,137&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Vivo Money</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;244,204&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;67,651&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;176,553&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;102,923&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(8,633)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Vivo Money II</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,922&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;845&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,077&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;562&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(423)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Vivo Money III (Note 1.c.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;9,631&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;77&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;9,554&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;251&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(446)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Vivo Pay (Note 1.c.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,975&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,975&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(25)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Vivo Ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">98.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;104,011&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;30&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;103,981&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,969&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">CloudCo Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.01%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;787,550&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;755,421&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;32,129&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;862,073&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;9,384&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">IoTCo Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.01%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;164,701&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;56,029&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;108,672&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;91,171&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;12,066&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">Alian&ccedil;a</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;279,679&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,280&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;277,399&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5,302&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">AIX</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;51,985&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;32,623&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;19,362&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;50,646&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(16)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">ACT</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;55&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;47&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;78&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">VIVAE</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;15,678&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,614&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;12,064&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,622)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">GUD (Note 1.c.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;20,633&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;19&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;20,614&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(24)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">FiBrasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.01%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,987,325&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,105,597&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;881,728&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;293,536&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,200&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/140% Frutiger LT 45 Light,serif; margin: 15pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended September 30, 2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Investees</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Participation</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Investment</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Equity</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Net profit (loss)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Terra Networks<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;781,201&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;472,277&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;308,924&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;424,909&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;64,703&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">TGLog</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;68,453&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;55,451&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;13,002&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;89,960&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,836)</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">POP<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;171,863&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;93,407&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;78,456&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;7,886&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,282&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Vivo Money</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;215,700&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;30,514&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;185,186&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;77,340&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(17,273)</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Vivo Money II</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;57&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,943&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Vivo Money III</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Garliava<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">100.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;241,711&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;14,073&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Vivo Ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">98.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;43,098&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;43&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;43,055&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(343)</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">CloudCo Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.01%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;487,311&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;464,565&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;22,746&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;696,418&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,478)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">IoTCo Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.01%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subsidiary</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;138,887&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;42,280&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;96,607&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;75,221&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;8,369&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">Alian&ccedil;a</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;240,018&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,727&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;238,291&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,879&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">AIX</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;50,097&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;30,720&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;19,377&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;50,910&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,229)</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">ACT</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;46&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;42&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;78&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">VIVAE</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;18,096&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,410&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;15,686&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,710)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">FiBrasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.01%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Joint control</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,019,278&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,143,749&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;875,529&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;183,065&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(54,572)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">TIS and TLF01 are wholly-owned by
Terra Networks.. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/7.2pt 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"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Recicla V and Vale Sa&uacute;de
Sempre are wholly-owned by POP.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Garliava was acquired on April 20,
2022 and merged by the Company on February 28, 2023.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>12.b. Changes
in investment balances</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 55%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 6%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Controlled</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 5%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Joint
    Venture</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Business
    combination</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Other
    investments</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Company
    Total investments</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total
    investments</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;573,803&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;352,101&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;5,518,622&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;137&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;6,444,663&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;368,195&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Share
    of results in investees &ndash; equity method (statement of Income)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;65,059&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(14,678)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(32,260)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;18,121&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(14,678)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Dividends
    (Terra Networks)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(47,124)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(47,124)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Capital
    contribution - cash and cash equivalents (Vivo Money, Vivo Ventures and VivaE) and redemption of investment shares (Vivo Money)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;50,070&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,117&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;53,187&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,117&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Merger
    of Garliava</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(79,028)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,486,362)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,565,390)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Investments
    of the subsidiary Vivo Ventures</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;26,053&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Bonus
    subscription exercise (FiBrasil)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;57,001&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;57,001&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;57,001&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Other
    comprehensive results (Alliance and other investments)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,804)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(84)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,888)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,888)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;562,780&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;391,737&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;53&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;954,570&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;433,800&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Share
    of results in investees &ndash; equity method (statement of Income)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;106,741&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,968&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;110,709&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,968&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Dividends
    (IoTCo, AIX and ACT)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,885)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(51)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,936)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(51)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Capital
    contribution: with cash and cash equivalents (Vivo Money II) and with dividends (Terra Networks)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;24,996&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;24,996&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Capital
    transactions</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;23&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;23&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;23&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Investments
    of the subsidiary Vivo Ventures</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;138&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Other
    comprehensive results (Alliance and other investments)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,239)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;998&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,247)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;992&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;689,393&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;396,675&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;47&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,086,115&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;438,870&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Share
    of results in investees &ndash; equity method (statement of Income)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;51,151&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,373&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;53,524&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,373&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Dividends
    (Terra Networks)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(169,132)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(169,132)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Redemption
    of investment shares (Vivo Money)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;72,355&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;10,319&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;82,674&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;10,319&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Investments
    of the subsidiary Vivo Ventures</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;58,409&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Other
    comprehensive results (Alliance and other investments)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;16,902&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(13)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;16,889&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;16,889&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;643,767&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;426,269&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;34&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,070,070&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;526,860&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">The investments above include the an excess
of liability over assets of R$1,977 of the subsidiary TGLog. The amount of the uncovered liability is presented as &ldquo;Other liabilities&rdquo;.</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>13. PROPERTY
AND EQUIPMENT</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>13.a. Changes
in balances</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 25%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Switching
    and transmission equipment</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Infrastructure</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Lending
    equipment</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Terminal
    equipment</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Land</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Other
    P&amp;E</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Assets
    and facilities under construction</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;22,303,641&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,784,446&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;5,149,038&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;676,976&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;252,085&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;612,111&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,588,805&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;45,367,102&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;99,667&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,269,345&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;60,235&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;6,381&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;62,216&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;4,292,212&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;6,790,056&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs,
    net<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,972)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(75,817)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(127)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(78)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(748)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,120)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(12,945)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(92,807)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Net
    transfers<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,961,352&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;167,984&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,573,717&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;59,403&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;7,436&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,858,557)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(88,665)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Subletting</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(38,093)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(38,093)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Merger
    - Garliava</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;149&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;494,491&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;494,640&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Depreciation
    (Note 25)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,501,132)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,727,880)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,358,047)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(261,569)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(143,477)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(6,992,105)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;22,861,705&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,874,476&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;5,424,816&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;481,113&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;251,337&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;537,166&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,009,515&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;45,440,128&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;59,066&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,254,726&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;42,027&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;14,522&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,318,264&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,688,605&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs,
    net<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(941)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(270,461)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,801)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,996)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,250&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(276,956)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Net
    transfers<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,206,744&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;110,726&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;419,511&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;16,390&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,264)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,796,047)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(43,940)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Subletting</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,293&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,293&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Depreciation</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(872,765)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,045,643)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(484,654)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(76,286)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(42,425)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,521,773)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;23,253,809&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;14,925,117&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;5,401,694&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;421,216&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;249,536&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;503,003&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,532,982&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;46,287,357&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;59,926&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,564,441&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;58,824&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;45,588&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;4,542,614&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;7,271,393&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs,
    net<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(12,757)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(75,493)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(111)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(403)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(3,918)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(917)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(15,554)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(109,153)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Net
    transfers<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,288,643&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;304,564&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,651,585&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;34,540&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;7,000&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,321,034)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(34,702)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Subletting</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(26,823)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(26,823)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Depreciation
    (Note 25.)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,822,411)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,816,337)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,607,998)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(195,275)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(135,203)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(7,577,224)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;22,767,210&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;14,875,469&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;5,503,994&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;260,078&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;245,618&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;419,471&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,739,008&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;45,810,848&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #F2F2F2">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;88,585,448&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;42,669,569&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;29,511,295&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;6,571,209&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;249,536&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;5,656,128&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,532,982&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;174,776,167&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Accumulated
    depreciation</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(65,331,639)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(27,744,452)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(24,109,601)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(6,149,993)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,153,125)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(128,488,810)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;23,253,809&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;14,925,117&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;5,401,694&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;421,216&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;249,536&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;503,003&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,532,982&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;46,287,357&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;90,850,104&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;45,233,680&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;31,170,481&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;6,583,510&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;245,618&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;5,693,330&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,739,008&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;181,515,731&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Accumulated
    depreciation</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(68,082,894)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(30,358,211)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(25,666,487)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(6,323,432)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,273,859)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(135,704,883)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;22,767,210&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;14,875,469&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;5,503,994&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;260,078&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;245,618&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;419,471&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,739,008&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;45,810,848&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 34%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Switching
    and transmission equipment</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Infrastructure</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Lending
    equipment</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Terminal
    equipment</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 6%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Land</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 6%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Other
    P&amp;E</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Assets
    and facilities under construction</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;22,314,978&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,282,867&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,149,038&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;677,218&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;252,085&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;632,082&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,589,917&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;45,898,185&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;104,218&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,286,052&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;60,235&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,406&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;68,349&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,291,800&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,817,060&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Write-offs,
    net <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,978)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(75,859)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(127)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(80)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(748)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,217)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(12,945)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(92,954)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Net
    transfers <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,956,723&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;167,983&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,573,717&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;59,403&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,769&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,855,170)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(90,575)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subletting</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(38,093)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(38,093)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/7.2pt Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">Business
    combination (Vale Sa&uacute;de Sempre)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;34&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;34&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Depreciation
    (Note 25)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,502,140)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,744,021)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,358,047)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(261,640)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(149,300)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,015,148)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;22,871,801&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;13,878,929&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,424,816&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;481,307&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;251,337&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;556,717&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,013,602&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;45,478,509&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;62,548&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,254,883&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;42,027&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;7,487&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,317,750&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,684,695&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Write-offs,
    net <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(936)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(270,461)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,801)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,997)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,251&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(276,951)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Net
    transfers <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,206,744&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;110,727&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;419,511&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;16,390&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,239)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,796,048)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(43,915)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subletting</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,293&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,293&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Depreciation</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(873,289)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,046,192)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(484,654)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(76,311)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(45,038)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,525,484)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;23,266,868&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,929,179&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,401,694&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;421,385&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;249,536&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;512,930&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,536,555&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;46,318,147&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;72,548&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,561,053&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;58,824&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;40,878&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,533,693&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;7,266,996&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Write-offs,
    net <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(12,785)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(76,672)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(111)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(403)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,918)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,639)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(15,554)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(111,082)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Net
    transfers <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,278,889&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;304,565&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,651,585&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;34,555&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;7,000&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,311,296)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(34,702)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Subletting</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(26,823)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(26,823)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Depreciation
    (Note 25.)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,824,012)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,816,477)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,607,998)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(195,313)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(142,578)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,586,378)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;22,781,508&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,874,825&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,503,994&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;260,224&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;245,618&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;416,591&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,743,398&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;45,826,158&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;88,601,631&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;42,700,577&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;29,511,295&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,571,924&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;249,536&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5,836,449&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,536,555&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;175,007,967&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Accumulated
    depreciation</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(65,334,763)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(27,771,398)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(24,109,601)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,150,539)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(5,323,519)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(128,689,820)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;23,266,868&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,929,179&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,401,694&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;421,385&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;249,536&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;512,930&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,536,555&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;46,318,147&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;90,869,155&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;45,259,505&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;31,170,481&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,584,241&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;245,618&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5,864,422&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,743,398&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;181,736,820&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Accumulated
    depreciation</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(68,087,647)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(30,384,680)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(25,666,487)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,324,017)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(5,447,831)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(135,910,662)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;22,781,508&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,874,825&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,503,994&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;260,224&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;245,618&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;416,591&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,743,398&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;45,826,158&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0; color: #FF968E"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% 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"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Infrastructure, includes R$64,363
and R$335,351 in 2024 and 2023, respectively, referring to the cancellation of lease agreements (Note 13.c)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Total balances refer to transfers
between classes of fixed and intangible assets (Note 14.a).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>13.b. Depreciation
rates</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company regularly performs an analysis
of the useful life of its assets. In the third quarter of 2024, the Company performed assessments of the useful lives of property and
equipment using the direct comparative method of market data. This study indicated the need for changes in the useful life and annual
depreciation rates of some asset items (cables, metal cabinets and 2G and 3G technology items). These changes in the accounting estimate
increased depreciation expense for the period ended September 30, 2024 by R$216,022.</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 0pt">The annual depreciation rates, except for lease assets, which are presented
in (Note 13.c), are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Description</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 48%; background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Switching and transmission equipment and media</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="width: 5%; background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.50%</FONT></TD>
    <TD STYLE="width: 2%; background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 5%; background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">23.08%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="width: 5%; background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.50%</FONT></TD>
    <TD STYLE="width: 2%; background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 5%; background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">19.67%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="width: 5%; background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.50%</FONT></TD>
    <TD STYLE="width: 2%; background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 5%; background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">23.08%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="width: 5%; background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.50%</FONT></TD>
    <TD STYLE="width: 2%; background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 5%; background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">19.67%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Infrastructure</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.50%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.50%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.50%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.50%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">20.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Leased equipment (cell phones and modems)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Terminal equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">50.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other P&amp;E assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #EEEFEF">&nbsp;</TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="background-color: #EEEFEF; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">25.00%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>13.c. Additional
information on leases</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The balances and transactions of leases,
included in property and equipment (Note&nbsp;13.a), were:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Infrastructure</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Switching and transmission equipment</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;11,082,417&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;245,216&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;81,008&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;11,408,641&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,228,008&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,583&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(13,858)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,222,733&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Subletting (Note 13.a.)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(38,093)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(38,093)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(2,364,905)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(64,929)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(761)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(2,430,595)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Cancellation of contracts</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(66,773)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(66,773)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;10,840,654&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;188,870&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;66,389&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;11,095,913&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,214,919&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;11,551&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(47,365)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,179,105&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Subletting (Note 13.a)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,293&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,293&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(925,296)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,098&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(551)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(922,749)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Cancellation of contracts</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(268,578)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(4,867)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(273,445)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on December 31, 2023</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;11,862,992&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;203,519&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;13,606&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;12,080,117&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,509,424&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;51,309&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;702&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,561,435&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Subletting (Note 13.a)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(26,823)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(26,823)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(2,466,846)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(61,310)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(6,298)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(2,534,454)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Cancellation of contracts</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(64,363)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,189)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(65,573)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;11,814,384&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;192,329&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;7,989&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;12,014,702&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;25,166,150&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;395,901&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;133,432&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;25,695,483&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(13,303,158)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(192,382)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(119,826)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(13,615,366)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;11,862,992&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;203,519&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;13,606&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;12,080,117&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;27,404,846&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;444,026&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;130,314&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;27,979,186&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(15,590,462)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(251,697)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(122,325)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(15,964,484)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;11,814,384&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;192,329&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;7,989&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;12,014,702&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">The depreciation rates for lease assets were:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Description</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="width: 48%; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Infrastructure</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.36%</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">92.31%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.36%</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">92.31%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.36%</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">92.31%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">2.36%</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">92.31%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Switching and transmission equipment and media</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">66.67%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">66.67%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">66.67%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">66.67%</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other P&amp;E assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">26.09%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">37.50%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">26.09%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">37.50%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">26.09%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">40.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">26.09%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">40.00%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>13.d. Property
and equipment items pledged in guarantee</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On September 30, 2024 and December 31, 2023,
the consolidated values &#8203;&#8203;of property and equipment given as collateral in legal proceedings were R$106,876 and R$101,220,
respectively.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>13.e. Concession
balance</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The contractual Fixed Switched Telephone
Service concession model, adopted in 1998 following the privatization of the telecommunications sector, served as the new basis for the
provision of telecommunications services model in Brazil. Over 20 plus years, concessionaires have expanded the universalization of the
fixed telephone service, which, before privatization, was expensive, out of reach of the populace and suffered long installation waits
of months or even years. During this period, the concession contracts were affected by disruptive events affecting the original contracted
financial terms, reducing revenue and increasing costs.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Faced with this scenario and with the end
of the validity period of the concession contracts approaching, management is seeking a consensus with the regulatory body to offset these
disruptive events.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">However, management's efforts have largely
been frustrated and discussions through administrative channels have been exhausted without consensus having been reached. Hence, on July
1, 2021, the Company signed an arbitration agreement with ANATEL. The Company submitted to the International Chamber of Commerce, on July
10, 2021, a request to initiate an arbitration against ANATEL, as provided for in the concession agreement and pursuant to Law 9,307/1996,
as well as the General Telecommunications Law.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On March 21, 2022, the Company presented
its opening arguments in the arbitration proceeding requiring, among other issues, the recognition of events that occurred during the
concession agreement that need to be rebalanced in the Company's favor to preserve the conditions of the agreement, as well as compensation
for the period in which the contract terms were untenable.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">After the Company's initial arguments, in
June 2022 ANATEL presented its defense. On August 19, 2022, the Company filed a reply to ANATEL's defense. On October 18, 2022, a response
was presented by ANATEL. On November 17, 2022, the parties laid out the evidence and on December 8, 2022 a hearing was held with the arbitral
tribunal for the presentation of the case.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The parties have initiated discussions on
the possibility of seeking a potential consensual solution to the matters exposed in the arbitration, with the Federal Audit Court (&ldquo;TCU&rdquo;).
Therefore, the Company presented a request to suspend the arbitration procedure, which was corroborated by ANATEL and accepted by the
TCU and which is expected to be renewed while debates on a possible consensus continue. On September 26, 2023, ANATEL approved and then,
on October 4, 2023, forwarded to the TCU the request for a Consensual Solution to resolve existing disputes between ANATEL and the Company,
registered under Process No. 036.366/2023 -4.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">On October 5, 2023, ANATEL presented the
TCU with the request to open a Consensual Solution procedure.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On January 23, 2024, the Consensual Solution
was accepted by the TCU, which established a Negotiation Committee, with a maximum period of 120 days to reach consensus.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In compliance with the aforementioned deadline,
on May 23, 2024, the Negotiation Committee reached an understanding on the proposed terms and conditions of the Self-Composition Agreement
for Adaptation of STFC Concession Contracts (&ldquo;Agreement&rdquo;) for an authorization instrument, to adapt the STFC concession regime
for authorization, to be concluded in due course by the Company with ANATEL, TCU and the Ministry of Communications.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The proposal comprises: (i) ending administrative
and judicial proceedings regarding the concession of the STFC in progress before ANATEL and/or respective courts; (ii) the withdrawal
of the arbitration proceeding filed by the Company against ANATEL; (iii) the assumption by the Company of investment commitments to benefit
the public interest to be carried out within a period of up to 10 years; and (iv) guarantee of maintenance of fixed telephone service
in certain locations until 2028.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The proposed Agreement was approved by the
Company's Board of Directors on June 26, 2024, and is subject to final approval by the TCU and the Federal Attorney General's Office (&ldquo;AGU&rdquo;).
Once the terms and conditions of the proposal approved by the Board of Directors have been confirmed by the TCU and AGU, the Company's
Board of Directors is authorized to perform all acts and conclude the Agreement, as well as the documents that are necessary to achieve
the Agreement and its terms.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>13.f. Amendments
to the Model</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On October 4, 2019, Law 13,879/2019 was published
(arising from PLC 79/2016), which introduced changes to the telecommunications regulatory framework, by allowing fixed-line telephone
concessionaires to migrate from a concession regime to a concession regime. authorization subject to lower regulatory charges, including
those associated with the continuity and universalization of the STFC in the concession area, as well as possible restrictions on the
assets associated with its provision.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In accordance with this Law, ANATEL presented
on July 5, 2022 a model to estimate the economic value associated with the adaptation of the concession instrument for authorization,
to be validated by the TCU.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In a session held on March 22, 2023, the
methodology applied by ANATEL was approved by the TCU, but with the determination that ANATEL guarantees the adoption of values &#8203;&#8203;close
to market values &#8203;&#8203;for the evaluation of reversible assets considered most relevant. The process was forwarded to ANATEL,
which evaluated and approved on July 24, 2023 the balance of the adequacy of the service (from concession to authorization) based on the
determinations presented by the TCU, presenting a new estimate of economic value.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The value of the balance should be assessed
by the Company within 120 days, however with the possibility of an agreement within the scope of the consensual solution with the TCU,
ANATEL granted the suspension of the aforementioned period. In any case, if the balance value is confirmed and accepted by the Company,
it will be converted into investment projects not yet defined by ANATEL.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>13.g. Reversible
assets</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The concession contract for the Company's
STFC identifies the assets essential to the provision of such service in the concession area.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On April 12, 2021, Resolution 744 was published
in the official gazette (&ldquo;DOU&ldquo;), approved by the Ministry of Telecommunications and by the Board of Directors of ANATEL on
April 4, 2021, which addresses the Regulation of Continuity of Provision of Switched Fixed Telephone Service Intended for Use of the General
Public under the Public Regime (&ldquo;RCON&ldquo;).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Resolution, which became effective on
May 3, 2021, addresses how the continuity of STFC services under the concession regime are treated once the Company's STs STFC concession
contract terminates. The assets identified as being essential to the provision of multiple services, among which the STFC for the public
system, will be included in a contract for the assignment of their rights of use, to be agreed under fair and reasonable economic terms
and conditions, transferring them from the Company to the new Concessionaire or the Federal Government, should they wish to make use of
such assets to maintain the continuity of STFC provision under the public regime.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The assets, being deemed essential, are effectively
and exclusively used to ensure the continuity and timely provision of STFC under the public regime, and will be revert to the Public Authority,
according to the terms of the RCON, if such service continues to be provided, either by the Federal authority, or by a new Concessionaire,
under a public agreement. Hence, the assets for the exclusive use of the STFC and, therefore, subject to the 'reversal regime' provided
for in the regulation, constitute a residual and decreasing asset of the Company.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Accordingly, the Concessionaire's assets,
at the end of the concession contract on December 31, 2025, will not be returned to the Federal Government. The shared assets and those
used exclusively for the STFC will fall within the scope of specific contracts already provided for in the operational manual of the Continuity
Regulation, approved by Decision No. 269/2021/COUN/SCO, which complements provisions of the Continuity Regulation.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Although Resolution 744 requires a list of
Reversible Assets (&ldquo;RBR&ldquo;) to be submitted to ANATEL, such obligation, upon approval under the contractual model described
above, is merely informative by nature, in order to maintain transparency of the assets used by the Concessionaire in the provision of
STFC under the public regime.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">However, within the scope of the administrative
proceeding TC no.003.342/2022-0, pending at the TCU, a technical report was issued addressing the new understanding that the RCON should
be revised. This understanding will still be examined by the Court. The process is suspended due to a decision made by TCU minister.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>14. INTANGIBLE
ASSETS</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>14.a. Balances
and changes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Indefinite
    useful life</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Finite
    useful life</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 29%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Goodwill<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Licenses</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Software</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Trademarks</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Customer
    portfolio</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Other
    intangible assets</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Software
    under development</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;22,868,268&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,953,483&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;5,337,383&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;652,589&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;220,267&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;36,356&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;695,167&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;43,763,513&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;21,343&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;129,171&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,939,087&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,089,601&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs,
    net</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(821)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(821)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Net
    transfers<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,071&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,888,892&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,801,298)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;88,665&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Merger
    - Garliava</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,394,710&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,278,857&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;82,239&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;5,755,806&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Amortization
    (Note 25)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,077,966)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,579,138)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(63,154)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(79,681)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,292)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,802,231)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;26,262,978&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;15,176,788&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;5,775,487&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;589,435&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;222,825&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;34,064&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;832,956&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;48,894,533&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;41,789&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;50,295&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;737,411&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;829,495&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs,
    net</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(145)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(145)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Net
    transfers<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;814,395&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(770,455)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;43,940&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Amortization</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(331,518)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(595,746)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(21,051)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(27,407)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(694)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(976,416)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;26,262,978&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;14,887,059&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;6,044,286&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;568,384&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;195,418&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;33,370&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;799,912&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;48,791,407&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;23,919&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;434&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,003,220&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,027,573&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Net
    transfers<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,052,923&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,018,221)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;34,702&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Amortization
    (Note 25.)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(986,155)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,713,722)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(63,154)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(82,218)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,983)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,847,232)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;26,262,978&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,924,823&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;6,383,921&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;505,230&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;113,200&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;31,387&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;784,911&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;48,006,450&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;26,262,978&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;29,748,956&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;27,778,576&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,658,897&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;4,536,912&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;269,556&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;799,912&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;91,055,787&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Accumulated
    amortization</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(14,861,897)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(21,734,290)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,090,513)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,341,494)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(236,186)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(42,264,380)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;26,262,978&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;14,887,059&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;6,044,286&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;568,384&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;195,418&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;33,370&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;799,912&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;48,791,407&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;26,262,978&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;29,772,875&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;29,830,569&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,658,897&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;4,536,912&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;269,557&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;784,911&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;93,116,699&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Accumulated
    amortization</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(15,848,052)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(23,446,648)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,153,667)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,423,712)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(238,170)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(45,110,249)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;26,262,978&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,924,823&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;6,383,921&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;505,230&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;113,200&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;31,387&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;784,911&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;48,006,450&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Indefinite
    useful life</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Finite
    useful life</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 36%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Goodwill<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Licenses</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Software</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Trademarks</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Customer
    portfolio</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Other
    intangible assets</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Software
    under development</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;26,361,829&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;16,291,751&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;5,348,538&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;656,551&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;333,790&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;36,430&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;696,361&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;49,725,250&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;21,343&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;131,223&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,939,388&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,091,954&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Write-offs,
    net</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(821)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(821)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions</FONT></TD>
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    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(148)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Net
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;814,369&#9;</FONT></TD>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(770,454)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;43,915&#9;</FONT></TD></TR>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Amortization</FONT></TD>
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    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,556)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(978,808)&#9;</FONT></TD></TR>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;26,390,696&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,887,059&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,056,999&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;23,919&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,096&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,003,401&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,028,416&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Net
    transfers<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,053,883&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,019,181)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;34,702&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Amortization
    (Note 25)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(986,155)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,716,824)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(63,993)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(83,239)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,565)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,854,776)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;26,390,696&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;13,924,823&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,395,154&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;507,909&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;122,561&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;43,456&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;786,718&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;48,171,317&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;26,390,696&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;29,748,956&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;27,908,360&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,663,747&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,548,942&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;288,112&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;802,498&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;91,351,311&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Accumulated
    amortization</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(14,861,897)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(21,851,361)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,091,845)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,343,142)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(240,091)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(42,388,336)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;26,390,696&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;14,887,059&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,056,999&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;571,902&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;205,800&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;48,021&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;802,498&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;48,962,975&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;26,390,696&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;29,772,875&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;29,961,974&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,663,747&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,548,942&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;288,112&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;786,718&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;93,413,064&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Accumulated
    amortization</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(15,848,052)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(23,566,820)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,155,838)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,426,381)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(244,656)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(45,241,747)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;26,390,696&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;13,924,823&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;6,395,154&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;507,909&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;122,561&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;43,456&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;786,718&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;48,171,317&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/7.2pt Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Refer to the operations of Santo
Genovese Participa&ccedil;&otilde;es (2004); Spanish and Figueira (2006); Telef&ocirc;nica Television Participa&ccedil;&otilde;es (2008);
Vivo Participa&ccedil;&otilde;es (2011); GVT Participa&ccedil;&otilde;es (2015); Garliava and Vita IT (2022) and Vale Sa&uacute;de Sempre
(2023).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/112% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Total balances refer to transfers between classes of property
and equipment and intangible assets (Note 13.a).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>14.b. Amortization
rates</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Description</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 23%; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Licenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3.60&#9;%</FONT></TD>
    <TD STYLE="width: 3%; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;24.00&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3.60&#9;%</FONT></TD>
    <TD STYLE="width: 3%; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;20.34&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3.60&#9;%</FONT></TD>
    <TD STYLE="width: 4%; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;24.00&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3.60&#9;%</FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;20.34&#9;%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Software</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">20.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Trademarks</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">5.13%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">5.13%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;5.13&#9;%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;23.50&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">5.13%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">23.50%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Customer portfolio</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;10.00&#9;%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;12.50&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;9.52&#9;%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;12.50&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">10.00%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">20.70%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;9.52&#9;%</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;20.70&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other intangible assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">6.67%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">20.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;6.67&#9;%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">to</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;20.00&#9;%</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>14.c. Licenses
/ Authorizations</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>Extensions of authorizations for the use
of radio frequency bands</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0">Information on the authorizations of each sub-band held by the Company
for use in the SMP, as well as the events that occurred in 2024 related to their respective extensions (when applicable) is presented
below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Subband-Radio Frequency</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Geographic coverage</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Comments</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Expiration of authorizations</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">700 MHz</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">National</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2029</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">850 MHz (1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">National (except AL, CE, PB, PE, PI e RN)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">GO (sector 24 of PGO); MS (sector 21 of the PGO); MG (PGO sector 2); RS (sector 29 of the PGO) and SP (except sector 33 of the PGO)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2028</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">900 MHz</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">MG, AM, RR, AP, PA, MA, BA, SE e SP (except area 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Authorizations from the acquisition of part of UPI Ativos M&oacute;veis from Oi in 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2031-2032</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1.800 MHz</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">National (except&nbsp;&nbsp;MG)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2032</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">National (except area 43 - PR)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Authorizations from the acquisition of part of UPI Ativos M&oacute;veis from Oi in 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2031-2032</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">900 MHz / 1.800 MHz</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">MG (sector 3&nbsp;&nbsp;PGO)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2035</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">MG (sector 2 PGO)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2032</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2.100 MHz</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">National</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2038</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">ES, MG, AM, AP, PA, MA, RR, AL, CE, PB, PE, PI, RN, AC, RO, MT, MS, TO, GO, DF, SP (except sector 33 PGO), RS, PR and SC</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Authorizations from the acquisition of part of UPI Ativos M&oacute;veis from Oi in 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2038</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2.300 MHz</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">RJ, SP, ES, MG, AM, AC, AP, RR, RO, TO, PA, MT, MS, GO and DF</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">SP (except sector 33 PGO); MG (sector 2&nbsp;&nbsp;PGO); MS (sector 21 PGO) and GO (sector 24&nbsp;&nbsp;PGO)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2041</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2.500 MHz</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">National</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2027-2031</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">3.500 MHz</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">National</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2041</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">26 GHz</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">National</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2041</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/11.2pt Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">(1) <U>Extension of authorizations in 850
MHz:</U> In accordance with the provisions of Agreement No. 618, of November 26, 2020, ANATEL extended, until November 29, 2028, the terms
of authorization for the use of the 850 MHz subbands held by the Company in the States of S&atilde;o Paulo, Mato Grosso, Acre, Rond&ocirc;nia
and Mato Grosso do Sul (except sector 22), whose terms ended, respectively, in the months of January, March, July, July and September
2024. As with other authorizations in 850 MHz, ANATEL determined that the amount due for the extension must be calculated at based on
net present value (&ldquo;NPV&rdquo;) parameters, in order to reflect, according to ANATEL, the real economic value (market value) of
the sub-range</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>15. PERSONNEL,
SOCIAL CHARGES AND BENEFITS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Social charges and benefits</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;771,366&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;519,842&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;829,820&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;564,001&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Profit sharing</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;347,152&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;490,778&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;366,416&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;513,862&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Share-based payment plans (Note 29)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;114,574&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;151,904&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;115,891&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;154,689&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Salaries and wages</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;34,227&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;30,309&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;36,783&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;31,897&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Others</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;20,632&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;20,885&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,267,319&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,192,833&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,369,542&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,285,334&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,213,558&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,133,158&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,294,655&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,204,183&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;53,761&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;59,675&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;74,887&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;81,151&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>16. TRADE ACCOUNTS
PAYABLE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Sundry suppliers (Opex, Capex, Services e Material)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;8,233,276&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;6,885,611&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;8,623,880&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;7,213,698&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Related parties (Note 28)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;680,416&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;603,047&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;590,177&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;509,836&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Amounts payable (operators, cobilling)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;234,628&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;221,777&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;234,629&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;221,777&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Interconnection / interlink</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;294,121&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;224,634&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;294,121&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;224,634&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;9,442,441&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;7,935,069&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;9,742,807&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;8,169,945&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>17. TAXES,
CHARGES AND CONTRIBUTIONS PAYABLE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">FISTEL fee<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,618,867&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3,502,492&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,618,867&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3,502,492&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">ICMS </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,281,101&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,299,825&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,347,036&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,360,800&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">PIS and COFINS </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;342,242&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;349,293&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;374,089&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;371,126&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Fust and Funttel </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;103,138&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;99,710&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;103,138&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;99,710&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other taxes </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;168,404&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;145,730&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;188,492&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;167,109&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;6,513,752&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;5,397,050&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;6,631,622&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;5,501,237&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,549,328&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,561,819&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,603,476&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,605,505&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,964,424&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3,835,231&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;5,028,146&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3,895,732&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Refers to the remaining balances
from 2020 to 2024 which, according to the decisions of the Federal Regional Court of the First Region, the liability is suspended. The
amount is classified as a non-current liability, being corrected by SELIC..</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>18. DIVIDENDS
AND INTEREST ON EQUITY (IOE)</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>18.a. Interest
on equity receivable</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Balance at the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,503&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;15,422&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Supplementary dividends for the 2023 financial year - Terra Networks</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;169,132&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;47,124&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Receipt of interest on IoTCo's equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(2,452)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Balance on September, 30</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;169,183&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;62,546&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">2023 dividend receipt - Terra Networks</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(39,546)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Capital increase in subsidiary - Terra Networks</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(23,000)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Dividends and interest on equity receivable (IoTCo, AIX and ACT)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,503&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Balance at the end of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,503&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">The consolidated information presents a R$51
receivable from AIX and ACT.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">For the purposes of the statement of cash
flow, interest on equity and dividends received from the subsidiary are classified as &ldquo;Investing Activities&ldquo;.</P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>18.b. Dividends
and interest on equity payable</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>18.b.1. Balances</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black">Telef&oacute;nica</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;624,246&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;713,232&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black">Telef&oacute;nica Latinoam&eacute;rica Holding</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;599,161&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;684,570&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black">Telef&oacute;nica Chile</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;921&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,053&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black">Telef&oacute;nica IoT &amp; Big Data Tech</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,453&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-controlling shareholders</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;772,180&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;846,576&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,996,508&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,247,884&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>18.b.2. Changes</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Balance at the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,247,884&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;3,187,417&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Supplementary dividends for 2023</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;826,731&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Interim interest on equity (net of IRRF) and dividends</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,619,250&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,348,100&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Unclaimed dividends and interest on equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(56,418)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(84,597)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Payment of dividends and interest on equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(1,821,575)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(3,503,590)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">IRRF on shareholders exempt/immune from interest on equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;7,367&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,343&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,996,508&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,775,404&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Unclaimed dividends and interest on equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;852,453&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Unclaimed dividends and interest on equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(55,169)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Payment of dividends and interest on equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(329,022)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">IRRF on shareholders exempt/immune from interest on equity</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,218&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Balance at the end of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,247,884&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">For the purposes of the statement of cash flow,
interest on equity and dividends paid to shareholders are recognized in &ldquo;Financing Activities&ldquo;.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>19. PROVISION
AND CONTINGENCIES</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company and its subsidiaries are party
to administrative and judicial proceedings and labor, tax, regulatory and civil claims filed at different court levels. Management of
the Company and its subsidiaries, under the advice of its legal counsel, recognized provision for proceedings for which an unfavorable
outcome is considered probable.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Information on the composition and movement
of provision, the unfavorable outcome of which is considered probable, in addition to contingent liabilities, provision for dismantling,
amounts to be refunded to customers and provision for fines for cancellation of lease contracts, is presented below.</P>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify"><U>Provision for legal demands:</U> The Company
and its subsidiaries are party to administrative; labor, tax, civil and regulatory claims; accounting provision are recorded in respect
of claims when the likelihood of loss is 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 advice of outside legal counsel. Provisions are reviewed and adjusted for changes in 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: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><U>Contingent consideration (PPA):</U> Refers
to contingent liabilities arising from the PPA generated in the acquisition of control of VivoPart. in 2011, GVTPart. in 2015, Garliava
and Vita IT in 2022), and VSS (2023), related to civil, labor and tax lawsuits at their fair value in the business combination.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><U>Provision for fines for canceling lease
agreements:</U> Refers to the provision for fines for canceling lease agreements arising from Garliava, resulting from the sale or shutdown
of sites.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><U>Provision for decommissioning of assets:</U>
Refers to costs to be incurred due to returning sites to owners (locations intended for tower and equipment installation on leased property)
to the same condition as the date of execution of the initial lease agreement. These costs are provisioned and discounted to present value
for the 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-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. 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: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><U>Amounts to be refunded to customers (Supplementary
Law No. 194/2022): </U>On July 23, 2022, Complementary Law No. 194, was enacted, addressing taxes on various sectors considered by the
respective Law as essential and indispensable goods and services, leading to a reduction in the tax rate ICMS on communications services
and the respective refund of these amounts to customers.The refunds to customers were recorded in the second half of 2022, as discounts
granted and returns of gross operating revenue.</P>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>19.a. Balances
and changes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="17" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Provision
    for legal demands</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 24%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Tax</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Regulatory</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Civil</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Labor</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Contingent
    considerations</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Provision
    for fines for canceling lease agreements</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 9%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Provision
    for decommissioning</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 8%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Amounts
    to be refunded to customers</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,389,825&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,869,035&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,187,314&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;517,577&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;492,837&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;395,902&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;599,605&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;7,452,095&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Merger
    - Garliava</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;456,379&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;454,857&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;53,512&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,277&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;967,028&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions
    (reversal), net (Note 26)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;62,254&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;5,357&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;235,978&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;263,843&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(18,115)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;69,474&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(31,686)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;587,105&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Other
    additions (reversal)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(160)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;4,509&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;4,349&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    due to payment</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(15,351)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(136,586)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(364,735)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(258,343)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(86,878)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(505,015)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,366,908)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Interest
    accruals (Note 27)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;122,098&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;113,828&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;213,116&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;112,516&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;49,038&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;8,714&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;619,310&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,558,826&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,851,634&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,271,516&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;635,593&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;980,139&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;437,453&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;430,951&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;96,867&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;8,262,979&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions
    (reversal), net</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;19,210&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(69,809)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;65,907&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;104,323&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(9,071)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(329,672)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(34,857)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(253,969)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Other
    additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(530)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;4,462&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,932&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    due to payment</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(3,417)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(29,643)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(126,850)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(111,265)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(66,788)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(266)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(338,229)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Interest
    accruals</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;76,490&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;8,684&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;12,892&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;50,817&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;19,966&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;6,690&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;175,539&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,651,109&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,760,866&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,222,935&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;679,468&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;991,034&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;40,993&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;407,246&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;96,601&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;7,850,252&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions
    (reversal), net (Note 26)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,871)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(12,466)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;198,824&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;298,332&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(11,311)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;7,837&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,366)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;475,979&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Other
    additions (reversal)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(484,654)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;14,929&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;9,174&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(460,551)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    due to payment</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(32,953)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(11,450)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(245,710)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(315,114)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,983)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,903)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(614,113)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Interest
    accruals (Note 27)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(271,675)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;98,101&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;223,739&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;142,096&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;53,824&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,193&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;248,278&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,858,956&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,835,051&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,399,788&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;804,782&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,033,547&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;60,776&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;416,247&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;90,698&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;7,499,845&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Current
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;15,034&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;32,363&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;333,347&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;378,376&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;40,993&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;222&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;96,601&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;896,936&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Non-current
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,636,075&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,728,503&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;889,588&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;301,092&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;991,034&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;407,024&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;6,953,316&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,651,109&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,760,866&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,222,935&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;679,468&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;991,034&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;40,993&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;407,246&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;96,601&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;7,850,252&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Current
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;76,323&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;26,111&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;555,983&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;592,359&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;60,776&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;90,698&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,402,250&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Non-current
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,782,633&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,808,940&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;843,805&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;212,423&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,033,547&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;416,247&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;6,097,595&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,858,956&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,835,051&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,399,788&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;804,782&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,033,547&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;60,776&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;416,247&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;90,698&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;7,499,845&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="17" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Provision
    for legal demands</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 27%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Tax</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Regulatory</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Civil</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Labor</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Contingent
    considerations</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Provision
    for fines for canceling lease agreements</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 9%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Provision
    for decommissioning</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Amounts
    to be refunded to customers</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; width: 7%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,483,427&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,869,035&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,192,900&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;540,190&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;978,072&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;482,620&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;462,705&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;601,882&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;8,610,831&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions
    (reversal), net (Note 26)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;64,615&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5,357&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;236,731&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;264,513&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(18,115)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;69,474&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(44,977)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;577,598&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other
    additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(160)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,509&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,349&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Write-offs
    due to payment</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(15,353)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(136,586)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(366,588)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(265,091)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(114,641)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(505,015)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,403,274)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Business
    combination &ndash; Vita IT</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(18,227)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(18,227)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/6pt Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">Business
    combination &ndash; Vale Sa&uacute;de Sempre</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,357&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,357&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Interest
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;126,037&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;113,828&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;213,006&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;112,720&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;49,596&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;8,714&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;623,901&#9;</FONT></TD></TR>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,658,726&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,851,634&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,275,889&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;652,332&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;993,683&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;437,453&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;430,951&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;96,867&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;8,397,535&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions
    (reversal), net</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;19,210&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(69,809)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;65,969&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;102,343&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,071)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(329,672)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(34,859)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(255,889)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other
    additions</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(530)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,462&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,932&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,417)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(29,643)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(127,240)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(112,048)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(66,788)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(266)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(339,402)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/6pt Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">Business
    combination &ndash; Vale Sa&uacute;de Sempre</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,063&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;936&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,470)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;529&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Interest
    accruals</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;77,741&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;8,684&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;12,907&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;50,149&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;19,759&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,692&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;175,932&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,753,323&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,760,866&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,226,995&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;693,712&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,002,901&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;40,993&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;407,246&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;96,601&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;7,982,637&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Additions
    (reversal), net (Note 26)(1)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(500)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(12,466)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;200,326&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;298,222&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(11,312)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;7,837&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,366)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;479,741&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other
    additions (reversal)(1)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(489,082)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(409)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;14,929&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;9,174&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(465,388)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Write-offs
    due to payment</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(32,995)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(11,450)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(247,443)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(317,456)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,983)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(5,903)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(618,230)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Interest
    accruals (Note 27)(1)</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(268,133)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;98,101&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;224,482&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;142,710&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;54,695&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,193&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;254,048&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,962,613&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,835,051&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,404,360&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;817,188&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,045,875&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;60,776&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;416,247&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;90,698&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 2.25pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;7,632,808&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Current
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;15,034&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;32,363&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;334,152&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;381,606&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;40,993&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;222&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;96,601&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;900,971&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Non-current
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,738,289&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,728,503&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;892,843&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;312,106&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,002,901&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;407,024&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;7,081,666&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,753,323&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,760,866&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,226,995&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;693,712&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,002,901&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;40,993&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;407,246&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;96,601&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;7,982,637&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Current
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;76,323&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;26,111&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;557,157&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;597,635&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;60,776&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;90,698&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,408,700&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Non-current
    </FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,886,290&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,808,940&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;847,203&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;219,553&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,045,875&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;416,247&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,224,108&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,962,613&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,835,051&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,404,360&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;817,188&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,045,875&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;60,776&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;416,247&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;90,698&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;7,632,808&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/7.2pt Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">In 2024, includes the effects of
the tax amnesty programs of the States of S&atilde;o Paulo and Paran&aacute;, described in item b) below, being:(i) R$26,546 of reversal
of operational provisions, Note 26; (ii) R$374,271 reversal of interest accruals, Note 27; and (iii) R$484,654, referring to debt assumption
(financing) of the residual balance, Note 20.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>19.b. Tax provision
and contingencies</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>Tax Amnesty Programs</U></I></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F">State of S&atilde;o Paulo Amnesty Program &ndash;
Law 17,843/2023</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Government of the State of S&atilde;o
Paulo established, through Law 17,843/2023, a debt settlement and installment program to encourage the regularization of debts by offering
discounts (&ldquo;Amnesty and Refinancing Program&rdquo;).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Based on the Law, the State Attorney General's
Office (&ldquo;PGE&rdquo;) published notice no. 01/2024 enabling the transaction of ICMS debts, subject to late payment interest charges,
higher than the SELIC, as long as in the courts with title executive (registration in Active State Debt).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The current discounts were 100% for late
payment interest and 50% of the remaining balance, limited to the principal amount of the debt. Fees were charged to PGE on the total
amount.</P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">On April 22, 2024, the Company's Management,
based on the opinion of its legal advisors, joined the Amnesty and Refinancing Program, for ICMS disputes, for the provisioned amount
of R$727,821, which under according to the rules of the Program was reduced to R$371,052.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Upon joiningthe Amnesty Program, the Company
recognized the accounting effects as follows: (i) write-off of provisions for contingencies of R$727,821 (Note 19); (ii) effects on results:
reversal of financial expenses from accrued interest on contingency balances of R$329,937 (Note 27) and reversal of operating contingencies
expenses of R$26,832 (Note 26) and; (iii) debt assumption of the net balance of R$371,052, which will be paid in up to 60 installments
adjusted by the SELIC interest rate (Note 20).</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F">State of Paran&aacute; Amnesty Program &ndash;
Law 20,946/2021</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Government of the State of Paran&aacute;,
through Law No. 20,946/2021, offered a debt settlement and installment program to taxpayers to encourage the regularization of debts with
discounts (&ldquo;Amnesty and Refinancing Program&rdquo;).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Based on the Law, Decree No. 5,471/2024 was
issued, allowing payment with a 70% reduction in fines and interest. Fees were levied on the total reduced amount for the PGE.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On September 20, 2024, the Company's Management,
based as advised by its legal counsel, joined the Amnesty and Refinancing and Refinancing Program ICMS disputes, based on the provisioned
amount of R$157,650, which under the Program, was reduced to R$113,602.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Upon joining the Amnesty and Refinancing
Program, the Company recognized the accounting effects as follows: (i) write-off of provisions for contingencies of R$157,650 (Note 19);
(ii) effects on the result: reversal of financial expenses of interest accruals on provisions for contingencies of R$44,334 (Note 27)
and operating provision of R$286 (Note 26); (ii) assumption of debt of the net balance in the amount of R$113,602, which will be paid
in up to 60 installments adjusted by the SELIC interest rate (Note 20).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Nature/Degree of Risk </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Provision</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,858,956&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,651,109&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,962,613&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,753,323&#9;</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;660,564&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;694,782&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;762,743&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;796,996&#9;</FONT></TD></TR>
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    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">State</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;543,214&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,329,319&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;544,692&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,329,319&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Municipal</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;52,600&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;48,917&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;52,600&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;48,917&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">FUST</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;602,578&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;578,091&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;602,578&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;578,091&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Possible contingencies</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38,281,761&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36,796,698&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38,601,316&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36,963,009&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Federal</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,285,518&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,512,272&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,308,511&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,534,240&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">State</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;23,603,364&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;23,128,716&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;23,603,473&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;23,130,420&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Municipal</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;533,484&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;513,084&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;806,171&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;633,097&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">FUST, FUNTTEL and FISTEL</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,859,395&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,642,626&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,883,161&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,665,252&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>19.b.1. Tax
provisions</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Management, under advice of legal counsel,
believes that the following losses present a probable risk of loss for the federal, state, municipal and regulatory (FUST) tax proceedings:</P>


<!-- Field: Page; Sequence: 43 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>Federal taxes</U></I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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) Social Investment Fund (<I>Finsocial</I>) offset amounts; (iv) additional charges to the PIS and COFINS tax
base, as well as additional charges to COFINS required by Law No. 9,718/1998; and (v) ex-tariff, cancellation of the benefits under CAMEX
Resolution No. 6, increase in the import duty from 4% to 28%.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>State taxes</U></I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company and/or its subsidiaries are party
to administrative and judicial proceedings at the State level for 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; (vii) non-taxation discounts to customers; (viii) unmeasured services; (ix) CIAP credit; (x) monthly
subscription, not covered by the modulation of the effects resulting from the judgment of the STF; and (xi) fine for non-compliance with
an accessory obligation.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>Municipal taxes</U></I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company and/or its subsidiaries are party
to Municipal tax proceedings, at the judicial level, relating to: (i) Property tax (&ldquo;IPTU&ldquo;); (ii) Services tax (&ldquo;ISS&ldquo;)
on equipment leasing services, non-core activities and supplementary activities and withholding of ISS on contractors' services.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>FUST</U></I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>19.b.2. Possible
risk of loss - tax contingencies</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Management, under advice of legal counsel,
believes that the risk of loss for the following federal, state, municipal and regulatory (FUST, FUNTTEL and FISTEL) is possible:</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>Federal taxes</U></I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The more significant proceedings are: (i)
contested non approval of requests for compensation submitted by the Company; (ii) INSS (a) SAT, social security amounts owed to third
parties (INCRA and SEBRAE); (b) meals for employees, withholding of 11% (assignment of workforce); and (c) Stock Options &ndash; requirement
of social security contributions on amounts paid to employees under the stock option plan; (iii) deduction of COFINS on swap operation
losses; (iv) PIS and COFINS: (a) accrual basis versus cash basis; (b) levies on value-added services; and (c) monthly subscription services;
(v) IPI levied on shipment of fixed access units from the Company's establishment; (vi) Financial transaction tax (IOF) &ndash; on loan
transactions, intercompany loans and credit transactions; (vii) IRRF on capital gain on the sale of the GVT Group to the Company; and
(viii) exclusion of ICMS from the PIS and COFINS calculation base.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>State taxes</U></I></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company and/or its subsidiaries are party
to administrative and judicial proceedings, at the State level, related to ICMS, which are awaiting decision at different court levels:
(i) rental of movable property; (ii) reversal of previously unused credits; (iii) service provided outside the State of S&atilde;o Paulo
paid to theState ofS&atilde;o Paulo; (iv) co-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&ldquo;&nbsp;&ndash;&nbsp;Traffic and Service Provision Document); (x) credits derived from tax benefits granted by other
states; (xi)&nbsp;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) CDR/DETRAF fine; (xvii) own consumption; (xviii) exemption of public bodies; (xix) discounts
granted; (xx) monthly subscription with discussion about minutes allowance; and (xxi) fine for non-compliance with an accessory obligation.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>Municipal taxes</U></I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The more significant proceedings are: (i)
ISS on: (a) non-core activity, value-added and supplementary services; (b) withholding at source; (c) call identification and mobile phone
licensing services; (d) full-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: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>FUST, FUNTTEL and FISTEL</U></I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I><U>Universal Telecommunications Services
Fund (&ldquo;FUST&ldquo;)</U></I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Writs of mandamus were filed seeking the
right to exclude revenues from interconnection and Industrial Use of Dedicated Line (&ldquo;EILD&ldquo;) 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. 9,998/2000, which are awaiting a decision from Higher Courts.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">On
September 30, 2024 and </FONT>December 31, 2023<FONT STYLE="background-color: white">, the consolidated amount totaled R$5,795,921 and
R$5,575,026, respectively.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><FONT STYLE="background-color: white"><U>Fund
for Technological Development of Telecommunications (&ldquo;FUNTTEL&ldquo;)</U></FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">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 10,052/2000 and Decree No. 3,737/2001, thus avoiding improper application
of Article 4, paragraph 5, of Resolution 95/2013.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify"><FONT STYLE="background-color: white">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.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">On
September 30, 2024 and </FONT>December 31, 2023<FONT STYLE="background-color: white">, the consolidated amount totaled R$2,018,859 and
R$1,828,910, respectively.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><FONT STYLE="background-color: white"><U>Telecommunications
Inspection Fund (&ldquo;FISTEL&ldquo;)</U></FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">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.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">On
September 30, 2024 and </FONT>December 31, 2023<FONT STYLE="background-color: white">, the consolidated amount totaled R$2,068,381 and
R$2,261,316, respectively.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>19.c. Regulatory
provision and contingencies</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company / Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Nature/Degree of Risk </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Provision</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,835,051&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,760,866&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Possible contingencies</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;7,416,824&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;6,765,178&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>19.c.1. Regulatory provisions</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Management, under advice of legal counsel,
believes the likelihood of loss of the following regulatory proceedings is probable:</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company is a party to administrative
proceedings initiated mainly by ANATEL, which were initiated on the grounds of alleged non-compliance with obligations established in
sectoral regulations, as well as in legal proceedings that discuss, in the vast majority, sanctions applied by ANATEL at the administrative
level. The main procedural aspects are the obligation to pay the burden of the mobile service (payment, every two years, referring to
the right to use radio frequencies applicable to the SMP), the Company's obligations related to non-compliance with the rights of service
consumers of telecommunications, compliance with quality indicators and compliance with coverage targets set out in the auction notice
for acquiring the right to use spectrum.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">A dispute arose as to which revenues should
be considered for the payment of amounts due for the renewal of radio frequencies in relation to the payment of SMP charges. The Company,
together with its legal advisors, concluded that a probable loss of R$739,318 is estimated on the payment of the SMP burden in relation
to data revenue, due to the existence of unfavorable decisions at ANATEL in 2021 and in the courts with an unlikely prognosis of review;
Company decided to begin paying such amounts to ANATEL from 2022.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>19.c.2. Possible risk of losses - regulatory
contingencies</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Management, under advice of legal counsel,
believes the likelihood of loss of the following regulatory proceedings is possible:</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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 on sanctions applied by ANATEL at the administrative level.</P>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">Significant cases with possible risks of
loss in the regulatory contingency portfolio include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Litigation regarding the revenues
to be included in the calculation of the amount of encumbrance due to the extension of radio frequencies associated with the SMP and the
STFC concession (except for SMP data revenues, as informed in item c.1, of this Note). In ANATEL's view, the calculation of the encumbrance
should be based on 2% on the entire economic benefit arising from the provision of STFC/SMP service. In the Company's view, however, revenues
that are not part of STFC/SMP service plans, such as interconnection, revenues earned in the 15th year of the licenses' validity, and
others, should not be considered in the calculation of the burden. As a result of this divergence of understanding, the Company filed
administrative and legal actions to challenge ANATEL's charges. In July 2024, ANATEL's Board of Directors judged the Monitoring and Control
Procedure (&ldquo;PAC&rdquo;) regarding the calculation of the burden for the 2016 biennium, related to the extension of the radio frequency
associated with the SMP, the result of which was favorable to the Company, as it decided to include the Terms of Lesser Scope in the calculation
methodology, resulting in a reduction in values. Other processes may be impacted by this decision, pending recalculation by ANATEL.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">In May 2018, the Company filed
a lawsuit to annul the ANATEL final decision, of March of the same year, in the records of the Procedure for Determining Noncompliance
with Obligations (&ldquo;PADO&ldquo;) for alleged violations of the fixed telephony regulation. The principal amount of the fine imposed
by ANATEL, and object of the lawsuit, totals R$199,075. On <FONT STYLE="background-color: white">September 30, 2024</FONT> and <FONT STYLE="background-color: white">December
31, 2023</FONT>, the amount including interest and indexation accruals totaled appr<FONT STYLE="background-color: white">oximately R$614,808
and </FONT>R$586,512, respectively. The Company believes that the fine imposed is not legal and not due based, fundamentally, on the following
defense arguments: (i) ANATEL'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 baseless. The process was sent for
analysis and decision by the CADE Court; the MPF has yet to issue its opinion. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">The Company's legal process to
annul CADE's decision, which asserts that the operators (Claro, Oi M&oacute;vel and the Company) practiced anti-competitive conduct when
forming the Cons&oacute;rcio Rede Correios to compete in electronic auction n&ordm; 144/2015, carried out by Empresa Brasileira de Correios
and Telegraphs; as well as that there was alleged price discrimination, on the part of the Company, in relation to services offered to
the company BT Brasil Servi&ccedil;os de Telecomunica&ccedil;&otilde;es Ltda (&ldquo;BT&rdquo;), imposing a fine of R$28,394. Such action
aims to seek annulment of the aforementioned sanction, based especially on (i) the absence of illegality in the formation of a consortium
to participate in public bidding; (ii) non typical and impossibility of sanctioning by analogy and; (iii) lack of clear criteria for calculating
the sanction and lack of reasonableness. The case is in the first instance awaiting ruling.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Process initiated by ANATEL to
determine possible measures regarding the possible transfer of gains resulting from the STF decision, which excluded ICMS from the PIS/COFINS
calculation basis between 2002 and 2017 in the concession plans. In this process, the Attorney General's Office and the technical area
of &#8203;&#8203;ANATEL understand that such gains do not result from business efficiency, but rather from a change in the tax order.
The return proposal suggested by ANATEL would be through a tariff review for basic plans and the construction of high-capacity backhaul
infrastructure for alternative plans, totaling R$1,516,619 as of the judgment by ANATEL's Board of Directors in December 2023 , which
we assess as having a possible chance of loss. This amount is part of the balance of the concession negotiations, especially in Process
No. 036.366/2023-4 in progress at the TCU before the Secretariat for External Control of Consensual Resolution and Conflict Prevention
(SecexConsenso) and Process No. 53500.013207/2023-74 before ANATEL. In the event that negotiations do not prosper, the case may be challenged
through arbitration proceedings. The process had a suspensive effect pending judgment of the request for reconsideration by the ANATEL
Board of Directors.</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Procedure for the Determination
of Noncompliance with Obligations (&quot;PADO&quot;), which deals with coverage targets with an applied fine of R$127 million, could be
converted commitment for an alternative means of complying with the sanction of the fine, for investment in installation of 4G radio base
station in 188 locations without this technology. Installation should take place with in two and a half years, with maintenance costs
equivalent to the period of one year. Installation cannot result from ran sharing agreements, swaps, network rentals, industrial exploitation
contracts, or other contractual means. After confirmation of consent by ANATEL, compliance within the specified period will be monitored.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">The Company is a party to lawsuits
that discuss annulling contractual clauses and obligations linked, or not, to the suspension of services, non-increase in tariffs, repairs
and maintenance of service poles, which do not involve a determined financial value and, at the current stage in found are invaluable.
These processes are awaiting judgment in the courts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">On October 1, 2024, the Company
was advised of a new process, a PAC for Reimbursement. The Company is analyzing the this process and, currently does not believe a regulatory
risk is not probable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>19.d. Civil
provision civil contingencies</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Nature/Degree of Risk </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Provision</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,399,788&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,222,935&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,404,360&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,226,995&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Possible contingencies</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,991,265&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,118,682&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,999,017&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,126,718&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>19.d.1. Civil provisions</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">The Company is a party to proceedings
involving rights to the supplementary amounts from shares calculated on community telepho<FONT STYLE="background-color: white">ny 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 September 30, 2024 and </FONT>December 31, 2023<FONT STYLE="background-color: white">, the provision
was R$160,629 and R$157,960, respectively.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt; background-color: white">The Company
and/or its subsidiaries are party to various civil proceedings of an to individual consumer level, relating to the non-provision of services
and/or products sold. On September 30, 2024 and </FONT><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">December
31, 2023<FONT STYLE="background-color: white">, the provision was R$306,137 and R$304,454, respectively.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt; background-color: white">The Company
and/or its subsidiaries are party to various civil proceedings of a collective consumerist and non-consumer nature at administrative and
judicial levels, all arising in the ordinary course of business. On September 30, 2024 and </FONT><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">December
31, 2023<FONT STYLE="background-color: white">, the provision was R$937,594 and R$764,581, respectively.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>19.d.2. Possible losses - civil contingencies</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Management, under advice of legal counsel,
believes that the risk of losses is possible for the following civil proceedings:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">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 of consumers or by the Consumer Protection (&ldquo;PROCON&ldquo;), as well as by the Federal
and State Public Prosecutor's Office. The Company is also party to other claims of several types related to the ordinary course of business.</FONT></TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Intellectual Property: Lune Projetos
Especiais Telecomunica&ccedil;&atilde;o Com&eacute;rcio e Ind. Ltda. (&ldquo;Lune&ldquo;), a Brazilian company, filed lawsuits on November
20, 2001, against 23 wireless carriers claiming to own the patent for &ldquo;Bina&ldquo;, a caller ID. 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. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 6pt 0.5in; text-align: justify">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$10,000.00
(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'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 the unfavorable decision until final judgment. A bill of review
was filed in view of the sentence handed down on June 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. The expertise was carried
out and then the claims were dismissed. The parties filed an appeal. On February 1, 2023, the Court of Justice of the Federal District
and Territories (&ldquo;TJDFT&rdquo;) judged the appeals filed and, unanimously, dismissed them, upholding the sentence of inadmissibility.
Subsequently, a Special Appeal was filed by Lune, which was not heard by the Superior Court of Justice. An internal appeal was filed by
Lune, which has not yet been judged. Management is unable to reasonably estimate a liability with respect to this claim currently.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">The Company, together with other
operators that provide telecommunications services, is a defendant in discussions that contest the practice that operators adopt of imposing
a limited period for the use of prepaid minutes. That is, the plaintiff alleges that the minutes of the prepaid package must not expire
after the end of a specific period, and that they can be used at any time by the consumer. The request of the Federal Public Ministry
was not accepted, and the processes are awaiting judgment of appeal by the Federal Regional Court (&ldquo;TRF&ldquo;) of the 1st Region.
With the creation of the TRF of the 6th Region, the public civil action that was originally processed in Uberl&acirc;ndia/MG, was sent
to the new TRF, which denied the necessary referral, maintaining the inadmissibility of the requests made by the MPF, with the decision
of the TRF of the 6th region having already become final.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>19.e. Labor
provision and contingencies</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Nature/Degree of Risk </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Provision</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;804,782&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;679,468&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;817,188&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;693,712&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Possible contingencies</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,410,066&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,572,790&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,425,349&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,587,544&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">The labor provision and contingencies involve
several labor claims of former employees and former outsourced employees (those claiming subsidiary obligor or joint liability), which
claim, among others: differences in overtime pay, variable remuneration, salary parity, additional unhealthy or dangerous practices.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>20. FINANCING,
DEBENTURES AND LEASES</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">On
September 30, 2024, the contractual conditions of loans, financing, debentures and leases are the same as in Note 21) Loans, Financing,
Debentures, Leases and Other Creditors, disclosed in the financial statements for the year ended December 31, 2023, except for the income
from the amounts received from the subscriptions to Tax Amnesty and Refinancing Programs, item a.4) and the loan agreement between CloudCo
Brasil and TCCT, item a.5), of this Note.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>20.a. Balance</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Current </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Non-current </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Current </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Non-current </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Leases (a.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;4,257,608&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;9,720,642&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;13,978,250&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,877,090&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;9,718,949&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;13,596,039&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Debentures (7th issue) (a.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,587,933&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,000,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,587,933&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;221,589&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,500,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,721,589&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Financing</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;216,284&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,469,550&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,685,834&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;376,981&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,042,618&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,419,599&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 6pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">5G Licences</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;61,621&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;985,949&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,047,570&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;351,291&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;949,395&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,300,686&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 6pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Liabilities for the acquisition of a company (a.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;22,002&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;44,240&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;66,242&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;25,690&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;63,198&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;88,888&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 6pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Tax Refinancing and Amnesty Program (a.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;128,845&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;330,557&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;459,402&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Other creditors (a.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,816&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;108,804&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;112,620&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;30,025&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;30,025&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;6,061,825&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,190,192&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;19,252,017&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;4,475,660&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;14,261,567&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;18,737,227&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>20.a.1. Leases</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company and its subsidiaries have contracts
classified as leases, referring to: (i) rental of structures (towers and rooftops), resulting from sale and leaseback operations; (ii)
rental of sites built in the Built to Suit (&ldquo;BTS&rdquo;) for the installation of antennas and other equipment and for transmission;
(iii) rental of computer equipment; and (iv) rental of infrastructure and transmission means; offices, shops and commercial properties.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The consolidated annual weighted average
rates of the lease contracts were 12.65% and 12.79%, with average maturity terms of 4.82 years and 5.38 years on September 30, 2024 and
December 31, 2023, respectively).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The balances of the lease payables are as
follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Nominal value payable</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;18,690,861&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;18,075,084&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Unrealized financial expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(4,712,611)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(4,479,045)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Present value payable</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;13,978,250&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;13,596,039&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,257,608&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,877,090&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,720,642&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,718,949&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>20.a.2. Debentures</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On July 14, 2022, the Company completed the
payment of the 7th issue of simple debentures, not convertible into shares, unsecured, in two series. A total of 3,500,000 debentures
were issued with a nominal unit value of R$1,000.00 (one thousand Reais), with a total nominal value of R$3,500,000, the settlement of
the respective public offering was concluded with restricted efforts, being: (i) 1st series, with a nominal value of R$1,500,000, pays
CDI + 1.12% p.a. Interest will be paid in semi-annual installments from January 12, 2023 and the principal will be paid upon maturity
on July 12, 2025; and (ii) 2nd series, with a nominal value of R$2,000,000, pays CDI + 1.35% p.a. Interest will be paid in semi-annual
installments from January 12, 2023 and the principal will be paid on July 12, 2027.</P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">The debentures have a sustainability component
(Debentures linked to Environmental, Social and Corporate Governance (&ldquo;ASG&rdquo;) performance), which allows them to be classified
as &ldquo;Sustainability-linked&rdquo;, under the terms required by the International Capital Market Association in the Sustainability-Linked
Bond Principles, June 2020 version.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The debentures are subject to early maturity
events, standard for this type of offer, as set out in clause 6.30 of &ldquo;Early Maturity&rdquo; of the Deed of Issuance (&ldquo;Deed&rdquo;),
automatically or not, such as: (i) non-compliance , by the Company, of any pecuniary or non-pecuniary obligation relating to the debentures
and/or provided for in the Deed, not resolved within the deadlines provided for in the Deed; (ii) liquidation, dissolution or extinction
of the Company in the manner provided for in the Deed; (iii) spin-off, merger, incorporation, incorporation of shares or any form of corporate
reorganization involving the Company, as provided for in the Deed; (iv) early maturity of any debts and/or financial obligations of the
Company within the scope of the financial market and capital market operations, local or international, under the terms set out in the
Deed; (v) make the distribution and/or payment of dividends, interest on equity or make any other payments to its shareholders, if the
Company is in default with any of its pecuniary obligations relating to the debentures; and (vi) transfer, by the Company, by any means,
assignment or promise of assignment to third parties, of the rights and obligations acquired or assumed in the documents relating to the
debentures.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Failure to comply with or fulfill any of
these covenants could result in default under the debenture indenture, which would have a material adverse effect on the Company's financial
condition. These clauses are strictly monitored by the Company, aiming to ensure compliance with contractual obligations and guarantee
the continuity of the debenture and maintenance of the Company's financial situation.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On September 30, 2024 and December 31, 2023,
all applicable covenants had been complied with by the Company.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>20.a.3. Liabilities for the acquisition of
a companies</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F">20.a.3.1. Acquisition of Vita IT by TIS</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The value of the total consideration transferred
for the acquisition in 2022 of Vita IT by TIS, an indirect subsidiary of the Company, was R$110,220, inflation indexed by the IPCA from
the transaction date until payment. Of this amount, R$42,000 was paid in cash at the time of completion of the transaction, R$12,160 paid
at September 30, 2024 and the remainder will be paid according to contractual clauses. The balances on <FONT STYLE="background-color: white">September
30, 2024</FONT> and <FONT STYLE="background-color: white">December 31, 2023</FONT> were <FONT STYLE="background-color: white">R$62,757</FONT>
and R$63,605, respectively.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F">20.a.3.2. Acquisition of Vale Sa&uacute;de Sempre
by POP</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The total consideration transferred for the
acquisition of Vale Sa&uacute;de Sempre by POP, including the price adjustments agreed between the parties, was R$62,033, accruing DI
rate interest between the date of the transaction and the respective payment. Of this amount, R$37,029 was paid in cash at the time of
completion of the Transaction, R$26,576 paid at September 30, 2024 and the remainder will be paid, in accordance with contractual clauses.
The balances on September 30, 2024 and December 31, 2023 were R$3,485 and R$25,283, respectively.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>20.a.4. Tax Amnesty and Refinancing Program</I></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">As described in Note 19.b), Management, under
the advice of its legal counsel, joined the Amnesty and Refinancing Programs for ICMS in the States of S&atilde;o Paulo and Paran&aacute;.
As a result, the remaining balance of R$484,654 was classified as financing, which will be partially settled by offsetting a judicial
deposit (for the State of S&atilde;o Paulo) and the remainder will be paid in up to 60 installments adjusted by the SELIC interest rate.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The balance on June 30, 2024 was R$459,402.</P>


<!-- Field: Page; Sequence: 51 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>20.a.5. Other creditors</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">Includes
information on transactions for the subscription of senior shares in Vivo Money FIDCs and the loan agreement of the subsidiary CloudCo
Brasil, described below, whose balances on September 30, 2024 and December 31, 2023 were R$112,620 and R$30,025, respectively.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><I><U>Subscriptions for senior shares in
Vivo Money</U></I></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">In
2023 and 2024, Pol&iacute;gono made contributions to Vivo Money and Vivo Money II, through the subscription of senior shares, being: (i)
in 2023: contributions of R$30,000 to Vivo Money; and R$25 on Vivo Money II; (ii) in 2024: contributions of R$37,289 to Vivo Money and
R$804 to Vivo Money II.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">These
contributions mature on July 31, 2028, remuneration of 100% of the CDI, year 252 days, spread of 3.75% p.a. and amortization of the principal
from August 31, 2025.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">The
balances on September 30, 2024 and December 31, 2023 were R$68,118 and R$30,025, respectively.</FONT></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><I><U>Loan agreement between CloudCo Brasil
and Telef&oacute;nica Cybersecurity &amp; Cloud Tech (&ldquo;TCCT&rdquo;)</U></I></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">On
September 26, 2024, the Company's subsidiary - CloudCo Brasil and TCCT (a Telef&oacute;nica Group member company), entered into a loan
agreement in the amount of &euro;7,394 thousand (equivalent to R$44,991, principal amount), providing CloudCo Brasil with the financial
capacity to meet its obligations for the acquisition of IPNET (Note 1.c.6).</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">The
principal amount will be adjusted daily, until the date of effective settlement, by the Euribor 6M rate + 240 bps per year, from the date
the principal is made available until the date of its effective payment (&ldquo;interest&rdquo;). Interest will be paid semi-annually
starting on March 27, 2025 and the principal will be paid on September 27, 2027.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">To mitigate risk exposure, a swap was contracted
exchanging the exchange rate risk and fixed interest for CDI + 1.795% p.a.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The balance on September 30, 2024 was <FONT STYLE="background-color: white">R$44,502</FONT>.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>20.b. Repayment
schedule (non-current)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Year</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Leases</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Debentures</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>5G Licences</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Liabilities for the acquisition of companies</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 12%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>SP &ndash; Refinancing and Amnesty Program</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Other creditors</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">13 to 24 months</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3,217,616&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;61,622&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;23,739&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;90,074&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;20,816&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;3,413,867&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">25 to 36 months</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,227,819&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,000,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;61,622&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;17,016&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;90,074&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;67,177&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,463,708&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">37 to 48 months</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,764,685&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;61,622&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;90,074&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;20,811&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,937,192&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">49 to 60 months</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,154,965&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;61,622&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,394&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;60,335&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,278,316&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">From 61 months</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,355,557&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;739,461&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,091&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,097,109&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;9,720,642&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,000,000&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;985,949&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;44,240&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;330,557&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;108,804&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;13,190,192&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>20.c. Changes
in balances</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Consolidated
    </B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 28%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Leases</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Debentures</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>5G
    Licences</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Loans
    and financing</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Liabilities
    for the acquisition of companies</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Tax
    Refinancing and Amnesty Program</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Other
    creditors</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;12,032,603&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;3,736,833&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,843,971&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,073,090&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;615,299&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;19,301,796&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,222,733&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;15,000&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,237,733&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Exchange
    variation (Note 27)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(52,254)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;192&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,569,743&#9;</FONT></TD></TR>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
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    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    (payments) &ndash; financial charges</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(944,390)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(501,764)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(17,882)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(33,294)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,973)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(192)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,502,495)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;12,430,253&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;3,608,006&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,607,316&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;93,860&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;15,000&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;17,754,435&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,516,261&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;15,025&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,531,286&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Financial
    charges / Fair value</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;367,722&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;113,584&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;39,086&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,299&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;751&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;522,441&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    (cancellation of contracts)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(260,220)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(6,271)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(266,491)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    (payments) &ndash; Principal</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(920,975)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(331,686)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,252,661)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    (payments) &ndash; financial charges</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(537,002)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(14,030)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(751)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(551,783)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,596,039&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;3,721,589&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,300,686&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;88,888&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;30,025&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;18,737,227&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Additions<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;2,561,435&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;484,654&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;83,084&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;3,129,173&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Exchange
    variation (Note 27)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;113&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;113&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Financial
    charges / Fair value (Note 27)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,181,768&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;309,766&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;34,375&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;4,143&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;13,595&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;6,212&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,549,859&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    (cancellation of contracts)</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(55,640)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(55,640)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    (payments) &ndash; Principal</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,151,962)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(285,250)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(22,927)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(38,018)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,498,157)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 12.2pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Write-offs
    (payments) &ndash; financial charges</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,153,390)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(443,422)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,241)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(3,862)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(829)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(6,814)&#9;</FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,610,558)&#9;</FONT></TD></TR>
  <TR STYLE="font: 7pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,978,250&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;3,587,933&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;1,047,570&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;66,242&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;459,402&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;112,620&#9;</B></FONT></TD>
    <TD STYLE="font: 7pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;19,252,017&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Rental income and the Tax Amnesty
and Refinancing Program are non cash events.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>21. DEFERRED
REVENUE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Contractual Liabilities (consumer contracts)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;805,008&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;768,806&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,130,782&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;963,407&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Disposal of property and equipment<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;63,388&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;68,699&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;96,918&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;97,414&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Government grants</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;9,293&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;17,123&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;9,293&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;17,124&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;7,974&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;7,997&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;7,973&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;8,658&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total </B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;885,663&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;862,625&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,244,966&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,086,603&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;756,076&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;738,343&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,113,084&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;960,078&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;129,587&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;124,282&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;131,882&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;126,525&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Refers to the balance of contractual
liabilities of customers, deferred to match performance obligations over time.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">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.</FONT></TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>22. OTHER LIABILITIES</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Reduction of the Company's capital (Note 1.c.2),&nbsp;&nbsp;net of IRRF</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;38,721&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;38,721&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Surplus from post-employment benefit plans (Note 30)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,127,342&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,066,574&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,139,193&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,077,083&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Obligations payable to ANATEL<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,013,058&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;929,520&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,013,058&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;929,520&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Third-party withholdings<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;165,339&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;195,701&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;172,948&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;205,315&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Liabilities with related parties (Note 28)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;118,529&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;9,115&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;117,853&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;5,671&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Amounts to be refunded to customers</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;134,409&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;123,302&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;136,564&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;124,533&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other liabilities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;40,445&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;44,939&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;38,903&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;43,558&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total </B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,637,843&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,369,151&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,657,240&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,385,680&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;664,050&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;501,711&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;673,785&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;509,495&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,973,793&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,867,440&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,983,455&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,876,185&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">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 (Note 14.b).
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">This refers to payroll withholdings
and taxes withheld from pay-outs of interest on equity and on provision of services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>23. EQUITY</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>23.a. Capital</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Pursuant to its Articles of Incorporation,
the Company is authorized to increase its share capital up to 1,850,000,000 common shares without requiring it first to adjust its bylaws.
The Board of Directors is authorized to deliberate any increase and consequent issue of new shares within this limit.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Brazilian Corporation Law (Law no. 6404/1976,
Article 166, item IV) &ndash; establishes that capital may be increased by an Extraordinary Shareholders' Meeting Resolution by modifying
the Articles of Incorporation, if the authorized capital increase limit has been reached.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The shareholders will have preemptive rights
to subscribe for a capital increase, in proportion to their number of shares. 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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">As described in Note 1.c.2), the Company
reduced its share capital by R$1,500,000, without canceling shares, keeping the number of shares and the percentage of shareholders' participation
in the Company's share capital unchanged.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The subscribed and paid-in share capital
was R$62,071,416 and R$63,571,416 on <FONT STYLE="background-color: white">September 30, 2024</FONT> and <FONT STYLE="background-color: white">December
31, 2023</FONT>, respectively, represented by shares, all common, book-entry and with no par value, distributed as follows:</P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>%</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Controlling Group</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,244,240,476&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;75.29&#9;%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,244,240,476&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;75.29&#9;%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 9.6pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;634,398,912&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38.38&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;634,398,912&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38.38&#9;%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 9.6pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica Latinoam&eacute;rica Holding</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;608,905,051&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36.85&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;608,905,051&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36.85&#9;%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 9.6pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica Chile</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;936,513&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.06&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;936,513&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.06&#9;%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Other shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;388,376,028&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;23.50&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;408,343,528&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;24.71&#9;%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Treasury Shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;19,971,856&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1.21&#9;%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,356&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,652,588,360&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;100.00&#9;%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,652,588,360&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;100.00&#9;%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Treasury Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(19,971,856)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(4,356)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total shares outstanding</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,632,616,504&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,652,584,004&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Book value per outstanding share:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">On 09/30/2024</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">R$&#9;42.28</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">On 12/31/2023</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">R$&#9;42.10</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>23.b. Company's
share buyback program</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On March 4, 2024, the Company's Board of
Directors, in accordance with article no. 15, item XV of the Company's Bylaws and CVM Resolution no. 77/2022, approved a new share buyback
program issued by the Company (&quot;Program&quot;), which aims to acquire common shares issued by the Company for maintenance in treasury,
subsequent cancellation or sale, without reducing share capital, with the purpose of increasing value for shareholders through the efficient
application of available cash resources, optimizing the allocation of the Company's capital.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On August 30, 2024, the Company's Board of
Directors approved an amendment to the Program, increasing the maximum amount of funds that may be used to repurchase shares from R$1
billion to R$1.5 billion, maintaining all other terms and conditions of the Program, as announced on March 4, 2024, except for the number
of shares (i) in circulation, (ii) held in treasury and (iii) that may be acquired, which were updated due to the time lapse since the
approval of the Program. The repurchase of shares will be carried out using funds available in the statutory profit reserve, and the result
recorded in the current year may also be used, pursuant to article 8, &sect; 1, items I and II of CVM Resolution No. 77/2022.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Considering the base date of July 31, 2024,
the maximum number of common shares that can be acquired, in accordance with the legal limit, is 30,332,692 common shares, already discounted
from the 10,499,456 common shares held in treasury, as disclosed in the Material Fact of August 30, 2024.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">This program is effective from March 5, 2024
and ends on March 4, 2025.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In the period ended <FONT STYLE="background-color: white">September
30, 2024</FONT>, the Company repurchased <FONT STYLE="background-color: white">19,971,856</FONT> common shares for <FONT STYLE="background-color: white">R$992,051</FONT>.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>23.c. Capital
reserves</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The balance was R$63,095 on <FONT STYLE="background-color: white">September
30, 2024 and December 31, 2023</FONT>, subdivided into:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt"><U>Special goodwill reserve:</U>
Refers to the tax benefit generated by the merger of Telef&ocirc;nica Data do Brasil Ltda. which will be capitalized in favor of the controlling
shareholder (Telef&oacute;nica and TLH) after the realization of the tax credit, pursuant to CVM Instruction 319/1999. The balance was
R$63,074 on September 30, 2024 and December 31, 2023.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt"><U>Treasury shares:</U> The balance
was R$194 on September 30, 2024 and December 31, 2023.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt"><U>Other capital reserves:</U>
Refers to the effects of capital transactions occurring in the acquisition, disposal and merger of companies by the Company and/or its
subsidiaries. The balance was R$215 on September 30, 2024 and December 31, 2023.</FONT></TD></TR></TABLE>
<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>23.d. Income
reserves</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The balances were R$4,992,920 and R$5,885,575
on <FONT STYLE="background-color: white">September 30, 2024</FONT> and <FONT STYLE="background-color: white">December 31, 2023</FONT>,
respectively, subdivided into:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt"><U>Legal reserve:</U> A statutory
reserve, under corporate law, formed by appropriating 5% of the net profit for the year, until it reaches 20% of the paid-in share capital.
The legal reserve may only be used to increase share capital and to offset accumulated losses. The balance on September 30, 2024 and December
31, 2023 was R$3,841,022.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt"><U>Treasury shares:</U> Refers
to the repurchases of 19,971,856 common shares, as provided for in the Company's share repurchase program. The balance of this item was
R$992,051 on June 30, 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt"><U>Tax incentives:</U> The Company
has tax benefits related to: (i) ICMS in the States of Minas Gerais and Esp&iacute;rito Santo, referring to credits granted with the competent
bodies linked to investments in the installation of SMP support equipment, fully functioning and operational, in accordance with current
regulations, which ensure that the locations listed in the notice are included in the SMP coverage area; and (ii) 75% reduction in the
IRPJ levied on profit earned in the states in the North and Northeast regions of the country (SUDAM and SUDENE areas). The portion of
these tax benefits was excluded from the calculation of dividends and may only be used in cases of capital increase or loss absorption.
The balances were R$412,977 and R$313,581 on September 30, 2024 and December 31, 2023, respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, 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: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Reserve for Remuneration to Shareholders
and Investments: Statutory reserve created by the Company under the terms of article 194 of the Brazilian Corporation Law, allowing upon
Management's proposal for, up to 50% of the net profit for the year to be appropriated, provided that the balance of the reserve does
not exceed, in total, the corresponding 20% of the Company's share capital, in order to preserve resources for: (i) repurchase, redemption,
reimbursement or amortization of shares issued by the Company itself; (ii) distribution of dividends to shareholders, including interim
or interim dividends or in the form of interest on equity; and (iii) investments related to the Company's activities. On April 11, 2024,
the Company's EGM approved the creation of this statutory reserve, and, at the Annual General Meeting (&ldquo;AGM&rdquo;) immediately
following this EGM, the allocation of R$1,730,972 of the net profit for the year ended December 31, 2023 to the aforementioned reserve.
The balance of was R$1,730,972 on September 30, 2024 and December 31, 2023. This reserve will be reduced by the repurchases of common
shares carried out by the Company, at the time of the effective cancellation of the shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>23.e. Dividend
and interest on equity</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The amounts of interest on own capital per
share are calculated and presented net of withholding income tax (IRRF). Tax immune shareholders received interest on full equity, without
withholding income tax.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>23.e.1. Interim interest on equity for 2024</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">At meetings of the Company's Board of Directors,
interest on equity was declared, in accordance with article 26 of the Company's Bylaws, article 9 of Law No. 9,249/1995 and CVM Resolution
No. 143/2022. As provided for in article 26 of the Company's Bylaws, such interest will be attributed to the mandatory dividend for the
year ending on December 31, 2024, ad referendum of the Shareholders' AGM to be held in 2025, as follows:</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Dates</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Approval</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Credit</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Payment limit</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Gross Amount</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Net Value</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Amount per Share, Net</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">03/14/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">03/28/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04/30/2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;300,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;255,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.15430380506&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04/16/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04/29/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04/30/2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;380,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;323,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.19558005970&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">06/14/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">06/26/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04/30/2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;175,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;148,750&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.09029252997&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">07/15/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">07/26/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04/30/2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;650,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;552,500&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.33628052957&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">08/14/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">08/26/2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04/30/2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;400,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;340,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.20753991232&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="5" STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,905,000&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,619,250&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>23.e.2. Interest on Equity and Dividends
for 2023</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">At the AGM held on April 11, 2024, the accounts
were approved, and the Management Report and Financial Statements were examined, discussed and voted on, as accompanied by the Independent
Auditors' Report, the Opinion of the Audit and Control Committee and the Opinion of the Fiscal Council, referring to the year ending on
December 31, 2023, as well as the proposal for the allocation of the 2023 results.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The details of the allocation of results
are the same as those disclosed Note 24) Shareholders' Equity, item d), disclosed in the financial statements for the year ended <FONT STYLE="background-color: white">December
31, 2023</FONT>.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Dates</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Nature</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Approval</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Credit</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Payment limit</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Gross Amount</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Net Value</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Amount per Share, Net</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IOE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">02.15.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">02.28.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">10.18.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;106,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;90,100&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.05420598981&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IOE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">03.15.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">03.31.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">10.18.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;290,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;246,500&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.14834705593&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IOE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">05.15.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">05.31.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04.23.2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;320,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;272,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.16386448053&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IOE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">07.17.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">07.31.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04.23.2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;405,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;344,250&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.20761977781&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IOE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">08.15.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">08.31.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04.23.2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;265,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;225,250&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.13597484254&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IOE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">09.11.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">09.22.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04.23.2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;200,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;170,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.10262252267&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IOE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">10.10.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">10.23.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04.23.2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;150,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;127,500&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.07698872139&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IOE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">12.14.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">12.26.2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">04.23.2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;850,000&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;722,500&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;0.43719411434&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD COLSPAN="7" STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,586,000&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;2,198,100&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>23.f. Equity valuation adjustment</I></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><U>Currency translation effects for foreign
investments:</U> This refers to currency translation differences arising from the translation of financial statements of Alian&ccedil;a
(joint venture).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><U>Financial assets at fair value through
other comprehensive income:</U> These refer to changes in fair value of financial assets available for sale.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><U>Derivative financial instruments:</U>
These refer to the effective part of cash flow hedges up to the balance sheet date.</P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 0pt">The changes in equity valuation adjustments, net of gains or losses and
of taxes, when applicable, were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company / Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Cumulative translation adjustment from investees abroad translation effects &ndash; foreign investments</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial assets at fair value</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Derivative transactions</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;61,382&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(9,214)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;15&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;52,183&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Translation losses</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(5,804)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(5,804)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Losses from derivatives</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(820)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(820)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Losses on financial assets at fair value</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(55)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(55)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;55,578&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(9,269)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(805)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;45,504&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Translation gains</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;998&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;998&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Gains from derivatives</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;212&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;212&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Losses on financial assets at fair value</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(5)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(5)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on December 31, 2023</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;56,576&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(9,274)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(593)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;46,709&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Translation gains</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;16,902&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;16,902&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Gains from derivatives</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;593&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;593&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Losses on financial assets at fair value</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(9)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;73,478&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(9,283)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;64,195&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 15pt 0 5pt; color: #00497F"><I>23.g. Non-controlling shareholders</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>IoTCo Brasil</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Vivo Ventures</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>CloudCo Brasil</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Equity on December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;96,607&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;43,055&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;22,746&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;162,408&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Company</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;48,313&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;42,195&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;11,375&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;101,883&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-controlling shareholders</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;48,294&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;860&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;11,371&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;60,525&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Capital contributions in the period</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;57,957&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;57,957&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Company</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;56,797&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;56,797&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-controlling shareholders</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,160&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,160&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Statements of income movements in the period</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;12,065&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;2,969&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;9,383&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;24,417&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Company</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;6,033&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,910&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,692&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;13,635&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-controlling shareholders</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;6,032&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;59&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,691&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;10,782&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Equity on September 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;108,672&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;103,981&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;32,129&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;244,782&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Company</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;54,346&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;101,902&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;16,067&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;172,315&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Non-controlling shareholders</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;54,326&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;2,079&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;16,062&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;72,467&#9;</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>23.h. Reconciliation of parent company and
consolidated net income</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 12%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company's net income (Company)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,667,444&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,471,543&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;3,784,905&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;3,428,743&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Participation of non-controlling shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;625&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;5,065&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;10,782&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;3,438&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 19.8pt; line-height: 120%; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">IoTCo Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;1,722&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;773&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;6,032&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,184&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 19.8pt; line-height: 120%; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Vivo Ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(20)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;59&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(7)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 19.8pt; line-height: 120%; text-indent: -0.1in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">CloudCo Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(1,077)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,284&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;4,691&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(739)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company's net income (Consolidated) </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,668,069&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,476,608&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;3,795,687&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;3,432,181&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>23.i. Earnings per share</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Basic and diluted earnings per share were
calculated by dividing net profit attributed to the Company's shareholders by the weighted average number of outstanding common shares.
The Company has no instruments which might potentially affect the dilution of earnings per share.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Net income for the period</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,667,444&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,471,543&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,784,905&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,428,743&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Weighted average number of outstanding common shares for the period (in thousands)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,639,541&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,657,215&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,647,589&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,659,915&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Basic and diluted earnings per common share (R$)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1.02&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;0.89&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2.30&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2.07&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>24. NET OPERATING
REVENUE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Company</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Nine-month period ended </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Gross operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;18,657,552&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;17,475,220&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;55,117,842&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;51,077,848&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;19,196,943&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;17,974,579&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;56,747,594&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;52,646,391&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 6pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Services<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;16,959,790&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;15,713,201&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;49,684,726&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;45,846,338&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;17,457,232&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;16,174,814&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;51,211,610&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;47,323,673&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 6pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Sale of goods<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,697,762&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,762,019&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;5,433,116&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;5,231,510&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,739,711&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;1,799,765&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;5,535,984&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;5,322,718&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Deductions from gross operating revenue </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(5,088,835)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(4,802,920)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(15,289,806)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(13,874,118)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(5,157,886)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(4,862,773)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(15,483,966)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(14,080,966)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 6pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Tax</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(2,658,963)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(2,699,234)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(8,050,992)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(7,697,701)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(2,721,607)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(2,758,844)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(8,233,938)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(7,886,416)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Services</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,400,620)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,315,547)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(7,014,979)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(6,558,549)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,450,691)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,368,265)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(7,165,274)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(6,730,627)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Sale of goods</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(258,343)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(383,687)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,036,013)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,139,152)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(270,916)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(390,579)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,068,664)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,155,789)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 6pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Discounts granted and return of goods</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(2,429,872)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(2,103,686)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(7,238,814)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(6,176,417)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(2,436,279)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(2,103,929)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(7,250,028)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(6,194,550)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Services</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,910,584)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,595,156)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,574,483)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,709,158)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,910,585)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,595,155)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(5,574,486)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,722,225)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Sale of goods</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(519,288)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(508,530)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,664,331)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,467,259)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(525,694)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(508,774)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,675,542)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,472,325)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,568,717&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;12,672,300&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;39,828,036&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;37,203,730&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;14,039,057&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,111,806&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;41,263,628&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;38,565,425&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 6pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Services </B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;12,648,586&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;11,802,498&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;37,095,264&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;34,578,631&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;13,095,956&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;12,211,394&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;38,471,850&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;35,870,821&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 6pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Sale of goods</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;920,131&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;869,802&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,732,772&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,625,099&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;943,101&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;900,412&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,791,778&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;2,694,604&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Includes telephone services, use
of interconnection network, data and SVA services, cable TV and other services.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Includes sale of goods (handsets,
SIM cards and accessories) and equipment of &quot;Vivo Tech&quot;.</FONT></TD></TR></TABLE>
<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">There is no customer that contributed more
than 10% of operating revenue for the quarters ended <FONT STYLE="background-color: white">September 30, 2024</FONT> and 2023.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>25. OPERATING
COSTS AND EXPENSES</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Three-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Cost of sales and services</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Selling expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Cost of sales and services</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Selling expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Third-party services</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,248,743)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,505,035)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(252,158)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,005,936)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,089,321)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,472,178)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(281,022)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(3,842,521)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Depreciation and amortization<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(3,027,169)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(419,315)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(208,896)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(3,655,380)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(2,817,638)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(384,293)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(211,411)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(3,413,342)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Personnel</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(278,203)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(874,274)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(274,727)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,427,204)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(263,920)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(850,983)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(214,101)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,329,004)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Cost of goods sold</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,023,525)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,023,525)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,040,742)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(1,040,742)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Taxes, charges and contributions</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(505,376)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(9,769)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(8,148)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(523,293)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(544,739)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(4,178)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(10,634)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(559,551)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Estimated impairment losses on accounts receivable (Note 5)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(331,341)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(331,341)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(266,087)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(266,087)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Rental, insurance, condominium and connection means</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(343,583)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(17,140)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(11,272)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(371,995)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(328,256)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(17,965)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(11,653)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(357,874)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">Materials and other operating costs and expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(21,085)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(22,883)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(8,999)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(52,967)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(17,009)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(21,875)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(19,364)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%">&#9;(58,248)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(7,447,684)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(3,179,757)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(764,200)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(11,391,641)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(7,101,625)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(3,017,559)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(748,185)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; color: black; line-height: 120%"><B>&#9;(10,867,369)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cost of sales and services</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Selling expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cost of sales and services</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Selling expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Third-party services</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,711,635)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,426,006)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(793,200)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(11,930,841)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,339,333)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,388,124)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(765,442)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(11,492,899)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Depreciation and amortization<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(8,601,796)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,226,519)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(596,141)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(10,424,456)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(8,012,239)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,148,324)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(633,773)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,794,336)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Personnel</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(830,544)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,581,793)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(757,791)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,170,128)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(778,608)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,503,267)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(630,694)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,912,569)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cost of goods sold</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,059,826)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,059,826)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,019,767)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,019,767)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Taxes, charges and contributions</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,508,992)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(29,495)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(28,907)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,567,394)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,485,949)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(22,651)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(30,047)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,538,647)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Estimated impairment losses on accounts receivable (Note 5)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,032,443)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,032,443)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(910,830)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(910,830)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Rental, insurance, condominium and connection means</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,063,611)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(54,605)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(36,277)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,154,493)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(922,458)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(53,404)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(35,347)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,011,209)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Materials and other operating costs and expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(57,178)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(84,253)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(30,018)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(171,449)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(54,326)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(107,704)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(38,442)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(200,472)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(21,833,582)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(9,435,114)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(2,242,334)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(33,511,030)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(20,612,680)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(9,134,304)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(2,133,745)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(31,880,729)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cost of sales and services</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Selling expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cost of sales and services</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Selling expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Third-party services</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,501,288)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,501,728)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(265,523)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,268,539)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,337,638)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,458,123)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(289,721)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,085,482)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Depreciation and amortization<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,030,197)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(420,818)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(209,901)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,660,916)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,820,135)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(384,995)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(212,917)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,418,047)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Personnel</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(341,824)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(896,754)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(286,884)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,525,462)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(332,893)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(863,667)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(226,226)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,422,786)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cost of goods sold</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,043,610)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,043,610)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,066,025)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,066,025)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Taxes, charges and contributions</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(512,901)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,769)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(8,498)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(531,168)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(549,260)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,180)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(10,791)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(564,231)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Estimated impairment losses on accounts receivable (Note 5)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(360,007)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(360,007)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(291,029)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(291,029)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Rental, insurance, condominium and connection means</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(343,305)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(16,492)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(11,868)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(371,665)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(328,462)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(17,934)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(12,359)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(358,755)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Materials and other operating costs and expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(22,150)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(28,118)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,436)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(59,704)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(17,935)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(20,001)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(19,987)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(57,923)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(7,795,275)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,233,686)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(792,110)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(11,821,071)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(7,452,348)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(3,039,929)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(772,001)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(11,264,278)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cost of sales and services</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Selling expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cost of sales and services</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Selling expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>General and administrative expenses</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Third-party services</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,513,681)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,412,271)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(824,318)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(12,750,270)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(7,029,109)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,377,148)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(785,219)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(12,191,476)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Depreciation and amortization<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(8,610,853)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,231,032)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(599,269)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(10,441,154)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(8,093,490)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,154,985)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(636,806)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(9,885,281)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Personnel</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,024,733)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,646,181)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(794,564)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,465,478)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(974,811)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,536,258)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(663,567)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,174,636)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Cost of goods sold</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,113,543)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,113,543)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,075,978)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,075,978)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Taxes, charges and contributions</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,529,056)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(29,498)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(31,366)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,589,920)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,547,432)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(22,655)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(30,642)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,600,729)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Estimated impairment losses on accounts receivable (Note 5)</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,142,694)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,142,694)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,024,046)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,024,046)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Rental, insurance, condominium and connection means</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,063,110)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(52,734)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(38,044)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,153,888)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(932,503)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(53,190)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(37,656)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,023,349)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Materials and other operating costs and expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(66,810)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(80,349)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(31,713)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(178,872)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(57,503)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(103,424)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(39,515)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(200,442)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(22,921,786)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(9,594,759)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(2,319,274)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(34,835,819)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(21,710,826)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(9,271,706)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(2,193,405)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(33,175,937)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Includes consolidated lease depreciation
of R$2,534,454 and R$2,430,595 for the quarters ended September 30, 2024 and 2023, respectively (Note 13.c). For the period ended September
30, 2024, includes an increase in depreciation of R$216,022, related to changes in the useful life and annual depreciation rates of some
asset items (cables, metal cabinets and 2G and 3G technology items), Note 13.b).</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>26. OTHER INCOME
(EXPENSES), NET</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.24</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.23</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.24</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.23</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Recovered expenses and fines<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;153,582&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;278,914&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;372,736&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;661,577&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Provision for legal claims (Note 19)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(142,252)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(166,006)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(470,508)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(549,317)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other operating income (expenses)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;70,067&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;170,021&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(66,443)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;210,367&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;81,397&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;282,929&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(164,215)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;322,627&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other operating income</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;223,649&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;448,935&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;372,736&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;871,944&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(142,252)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(166,006)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(536,951)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(549,317)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;81,397&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;282,929&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(164,215)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;322,627&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 6pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.24</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.23</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.24</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.23</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Recovered expenses and fines<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;154,917&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;279,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;374,660&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;665,603&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Provision for legal claims (Note 19)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(143,410)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(167,370)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(474,270)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(553,101)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other operating income (expenses)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;59,397&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;161,877&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(87,792)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;179,039&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;70,904&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;273,507&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(187,402)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;291,541&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other operating income</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;214,314&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;440,877&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;374,660&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;844,642&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(143,410)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(167,370)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(562,062)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(553,101)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;70,904&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;273,507&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(187,402)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;291,541&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">On September 30, 2023, includes
tax credit of R$206,528 arising from decisions on legal proceedings in favor of the Company that recognized PIS and COFINS tax credits
(Note 9). The remaining balance refers to contractual fines and other tax credits.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">In 2024, it includes the amount
of R$26,546, referring to the reversal of expenses for provisions for legal claims as a result of joining to the Amnesty and Refinancing
Program, Note 19.b).</FONT></TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>27. FINANCIAL
INCOME (EXPENSES), NET</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Financial Income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Gain on derivative transactions (Note 31)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;66,021&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;169,764&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;166,768&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;460,711&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Interest income </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;144,552&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;144,330&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;430,127&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;350,252&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other foreign exchange gains and indexation<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;53,667&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;104,043&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;132,677&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;469,221&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Foreign exchange variations on loans and financing (Note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(32,393)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;52,254&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Interest receivable (customers, taxes and other) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;71,244&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;27,230&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;172,852&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;115,094&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other financial income</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;19,578&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;108,103&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;89,327&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;196,296&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;355,062&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;521,077&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;991,751&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;1,643,828&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Financial Expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Charges for financing, debentures and leases (Note 20)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(484,723)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(555,127)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(1,540,149)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(1,554,538)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Interest on provision for legal claims (Note 19)<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(105,532)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(176,152)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(246,085)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(610,596)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Loss on derivative transactions (Note 31)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(75,139)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(160,817)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(151,481)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(571,221)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Interest payable (financial institutions, trade accounts payable, taxes and other)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(153,537)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(145,178)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(405,990)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(410,310)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other foreign exchange losses and charges (suppliers, taxes and others)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(29,671)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(23,760)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(121,625)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(113,334)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">Other financial expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(39,204)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(40,573)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(113,297)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%">&#9;(123,010)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(887,806)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(1,101,607)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(2,578,627)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(3,383,009)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>Financial income (expenses), net</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(532,744)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(580,530)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(1,586,876)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; color: black; line-height: 120%"><B>&#9;(1,739,181)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Three-month period ended </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Nine-month period ended </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2023</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial Income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Gain on derivative transactions (Note 31)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;69,604&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;169,764&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;171,957&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;460,711&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Interest income </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;155,475&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;154,815&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;459,877&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;391,595&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other foreign exchange gains and indexation<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;56,884&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;108,498&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;142,715&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;482,336&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Foreign exchange variations on loans and financing (Note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(32,393)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;52,254&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Interest receivable (customers, taxes and other) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;71,715&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;28,163&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;174,886&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;117,985&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other financial income</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;19,949&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;110,245&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;96,832&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;200,628&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;373,627&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;539,092&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,046,267&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,705,509&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial Expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Charges for financing, debentures and leases (Note 20)<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(487,760)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(556,018)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,549,859)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,569,743)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Interest on provision for legal claims (Note 19)<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(107,453)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(178,196)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(251,855)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(615,187)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Loss on derivative transactions (Note 31)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(78,526)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(160,817)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(155,630)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(571,221)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Interest payable (financial institutions, trade accounts payable, taxes and other)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(154,106)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(145,900)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(407,643)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(414,255)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Foreign exchange variation on loans and financing (Note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(113)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(113)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other foreign exchange losses and charges (suppliers, taxes and others)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(33,225)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(26,148)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(129,613)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(120,538)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other financial expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(41,427)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(41,909)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(118,824)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(127,676)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(902,610)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(1,108,988)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(2,613,537)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(3,418,620)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial income (expenses), net</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(528,983)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(569,896)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(1,567,270)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(1,713,111)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 4pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">On September 30, 2023, includes
tax credits of R$224,884 arising from decisions on legal proceedings in favor of the Company, which recognized PIS and COFINS tax credits
(Note 9). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% 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"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Includes consolidated amounts of
R$1,181,768 e R$1,024,848 for the periods ended September 30, 2024 and 2023, respectively, referring to lease charges (Note 20.c). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">In 2024, includes R$374,271, referring
to the reversal of accrued interest on provisions for legal claims as a result of adherence to the Amnesty and Refinancing Program, as
a result of adherence to tax amnesty programs, Note 19.b).Note 19.b), .</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>28. BALANCES
AND TRANSACTIONS WITH RELATED PARTIES</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>28.a. Balances
and transactions with related parties</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The main balances of assets and liabilities
with related parties arise from transactions with companies related to the controlling group, which were carried out at prices and other
commercial conditions as agreed in a contract between the parties and refer to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Fixed and mobile telephone services,
provided to Telef&oacute;nica Group companies.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Fiber optic network construction
consultancy service.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Values &#8203;&#8203;referring
to installments receivable as a result of the sale of equity interests and capital contributions, as well as the updating of these values.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Shared services, passed on at the
cost actually incurred.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Right to use certain software licenses
and contracted maintenance and support services.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">International transmission infrastructure
for various contracted data circuits and connection services.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Adquira Sourcing Platform, an online
solution for negotiating the purchase and sale of various types of goods and services.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Cost Sharing Agreement, reimbursement
of expenses related to the digital business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Financial Clearing House Roaming,
inflows of funds for payments and receipts arising from the roaming operation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Data communication services and
integrated solutions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Long-distance calling and international
roaming services</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Disposal of assets</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Brand Fee, for the assignment of
use of brand rights.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Rental of buildings, data circuit
or infrastructure.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Factoring operations, financing
line for services provided by Telef&oacute;nica Group suppliers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">Contracts for the assignment of
rights to use the pipeline network, duct rental services for fiber optics and right-of-way occupation contracts with various highway concessionaires.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">As described in Note 30, the Company and
its subsidiaries sponsor pension plans and other post-employment benefits for their employees with Vis&atilde;o Prev and Sistel.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Telef&ocirc;nica Corretora de Seguros (&ldquo;TCS&ldquo;)
acts as an 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 between TCS and the Company and its subsidiaries.</P>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify"><FONT STYLE="background-color: white">The
following table summarizes the consolidated balances with related parties:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance
    Sheet &ndash; Assets</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Companies</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Type
    of transaction</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Cash
    and cash equivalents</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Accounts
    receivable</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Other
    assets</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Cash
    and cash equivalents</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Accounts
    receivable</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Other
    assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Parent
    Companies</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica
    Latinoamerica Holding</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">d)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,834&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;26,959&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">d)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;63&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;252&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica
    Moviles Chile</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">k)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;605&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,425&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;605&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,897&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;1,425&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;27,211&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Other
    Group companies</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telefonica
    Global Solutions Participa&ccedil;&otilde;es</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">a)
    / d) / f) / j) / n)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,990&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;358&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,128&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;136&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica
    Venezolana</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">d)
    / k)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;10,432&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,238&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,270&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,238&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica
    Factoring do Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">d)
    / o)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,522&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;85&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,560&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;40&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica
    Global Solutions</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">e)
    / f) / k)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;19,626&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;15,746&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telefonica
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">d)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;10,876&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,484&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica
    Moviles Argentina</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">j)
    / k)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,531&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,886&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Telfisa
    Global BV</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">i)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;14,246&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;19,474&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Telxius
    Cable Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">a)
    / d) / f) / l)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,680&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;472&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;17,545&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;240&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Telefonica
    Ciberseguranca e Tecnologia do Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">a)
    / d) / e) / n)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;130&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;17,245&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;496&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;10,164&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica
    Infra</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">c)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;156,775&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">FiBrasil
    Infraestrutura e Fibra &Oacute;tica</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">a)
    / b) / e) / n)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,192&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;46,509&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,691&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;39,188&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 8.4pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica
    IoT &amp; Big Data Tech</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">c)
    / d)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;10,929&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,012&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,838&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,776&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,177&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,758&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;14,246&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;53,941&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;96,488&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;19,474&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;67,499&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;241,035&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;14,246&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;54,546&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;98,385&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;19,474&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;68,924&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;268,246&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Current
    assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
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    and cash equivalents (Note 3)</FONT></TD>
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
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    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;54,546&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;68,924&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other
    assets (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;77,681&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;259,426&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
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    assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other
    assets (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,704&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,820&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance Sheet &ndash; Liabilities </B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; width: 42%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Companies</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; width: 9%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Type of transaction</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Trade accounts payable</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Other liabilities and &nbsp;leases</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Trade accounts payable</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 11%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Other liabilities and&nbsp;&nbsp;leases</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Parent Companies</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/8.4pt Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">Telef&oacute;nica Latinoamerica Holding</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">d)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,207&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;997&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
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  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Telefonica Ciberseguranca e Tecnologia do Brasil</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">d) / e)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;89,489&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;66,478&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;164&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/8.4pt Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">FiBrasil Infraestrutura e Fibra &Oacute;tica</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">b) / d) / p)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;120,422&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;38,922&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;487&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 4.5pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;51,720&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,971&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;39,754&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,023&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;560,002&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;11,712&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;408,499&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;35,698&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;590,177&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;125,704&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;509,836&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;36,805&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 6pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Trade accounts payable and other payables (Note 16)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;590,177&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;509,836&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 6pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Leases (Note 20)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;7,851&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;31,134&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 6pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other liabilities (Note 22)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;117,253&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;5,103&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 6pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Leases (Note 20)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 6pt; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Other liabilities (Note 22)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;600&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;568&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Statement
    of income</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Nine-month
    period ended </B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; border-top: black 1pt solid"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2023</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; width: 38%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Companies</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; width: 9%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Type
    of transaction</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Operating
    revenues</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Revenues
    (cost, expenses&nbsp;&nbsp;and other expenses) operating</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial
    result</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Operating
    revenues</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Revenues
    (cost, expenses and other expenses) operating</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial
    result</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif">
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Parent
    Companies</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/8.4pt Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica
    Latinoamerica Holding</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">d)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;626&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,563&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,983)&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt/8.4pt Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&oacute;nica</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">d)
    / m)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;230&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(393,422)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(24,385)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(359,659)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,672&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/140% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 140%">Telefonica
    Moviles Chile</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">k)</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,858&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(2,509)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,979&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,859)&#9;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;25&#9;</FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: white">
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;67,365&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(966,523)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;23,285&#9;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Frutiger LT 45 Light,serif; background-color: #EEEFEF">
    <TD STYLE="font: 8pt/140% Frutiger LT 45 Light,serif; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 140%"><B>Total</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;66,046&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(1,592,287)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(43,057)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;69,344&#9;</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(1,324,478)</B></FONT></TD>
    <TD STYLE="font: 8pt Frutiger LT 45 Light,serif; vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt/120% Frutiger LT 45 Light,serif; border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;25,999&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>28.b. Management
compensation</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Consoli<FONT STYLE="background-color: white">dated
key management compensation paid by the Company to its Board of Directors and Statutory Officers for the periods ended September 30, 2024
and 2023 totaled </FONT>R$48,975 <FONT STYLE="background-color: white">and </FONT>R$43,458<FONT STYLE="background-color: white">, respectively.
This includes </FONT>R$27,263 <FONT STYLE="background-color: white">(</FONT>R$23,169 <FONT STYLE="background-color: white">on September
30, 2023) for salaries, benefits and social charges and </FONT>R$21,712 <FONT STYLE="background-color: white">(</FONT>R$20,289 <FONT STYLE="background-color: white">on
September 30, 2023) for variable compensation. </FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">These
amounts were recorded as personnel expenses in General and administrative expenses.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="background-color: white">In
the periods ended September 30, 2024 and 2023, the Directors and Officers did not receive any pension, retirement or similar benefits.</FONT></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>29. SHARE-BASED
PAYMENT PLANS</B></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company's parent company, Telef&oacute;nica,
maintains different compensation plans based on the quoted value of its shares (Talent for the Future Share Plan (&ldquo;TFSP&ldquo;)
and Performance Share Plan (&ldquo;PSP&ldquo;), which were also offered to directors and employees of its subsidiaries, including the
Company and its subsidiaries.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The details of the plans in force on <FONT STYLE="background-color: white">September
30, 2024</FONT>, are the same as those disclosed in the explanatory Note 30) Share-Based Payment Plans, as disclosed in the financial
statements for the year ended December 31, 2023.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">The main plans in effect on <FONT STYLE="background-color: white">September
30, 2024</FONT>, are detailed below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt"><I><U>Talent for the Future Share
Plan (&ldquo;TFSP&ldquo;), for your Senior Managers, Managers and Specialists at a global level:</U></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt 35.45pt; text-align: justify">Cycle 2022-2024 (January 1, 2022
to December 31, 2024): with 112 active executives, with the potential right to receive 238,000 Telef&oacute;nica shares.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt 35.45pt; text-align: justify">Cycle 2023-2025 (January 1, 2023
to December 31, 2025): with 154 active executives, with the potential right to receive 307,500 Telef&oacute;nica shares.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt 35.45pt; text-align: justify">Cycle 2024-2026 (January 1, 2024
to December 31, 2025): with <FONT STYLE="background-color: white">147</FONT> active executives, with the potential right to receive <FONT STYLE="background-color: white">271,500</FONT>
Telef&oacute;nica shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt"><I><U>Performance Share Plan (&ldquo;PSP&ldquo;),
for its Vice Presidents and Directors globally:</U></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt 35.45pt; text-align: justify">Cycle 2022-2024 (January 1, 2022
to December 31, 2024): with 88 active executives (including 5 executives appointed under the Bylaws) of the Company, having the potential
right to receive 760,373 Telef&oacute;nica shares.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt 35.45pt; text-align: justify">Cycle 2023-2025 (January 1, 2023
to December 31, 2025): with 106 active executives (including 5 executives appointed under the Bylaws) of the Company, having the potential
right to receive 982,606 Telef&oacute;nica shares.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt 35.45pt; text-align: justify">Cycle 2024-2026 (January 1, 2024
to December 31, 2026): with <FONT STYLE="background-color: white">113</FONT> active executives (including <FONT STYLE="background-color: white">5</FONT>
executives appointed under the Bylaws) of the Company, having the potential right to receive <FONT STYLE="background-color: white">1,060,636</FONT>
Telef&oacute;nica shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt"><I><U>Performance Share Plan (&ldquo;PSP
VIVO&ldquo;), for its Vice Presidents and Directors at the local level:</U></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt 35.45pt; text-align: justify">Cycle 2022-2024: (January 1, 2022
to December 31, 2024): with 88 active executives (including 5 executives appointed under the Bylaws) of the Company, having the potential
right to receive the value corresponding to 386,283 shares of the Company.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt 35.45pt; text-align: justify">Cycle 2023-2025: (January 1, 2023
to December 31, 2025): with 103 active executives (including 5 executives appointed under the Bylaws) of the Company, having the potential
right to receive the amount corresponding to 454,868 shares of the Company.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt 35.45pt; text-align: justify">Cycle 2024-2026: (January 1, 2024
to December 31, 2026): with <FONT STYLE="background-color: white">112</FONT> active executives (including <FONT STYLE="background-color: white">5</FONT>
executives appointed under the Bylaws) of the Company, having the potential right to receive the amount corresponding to <FONT STYLE="background-color: white">417,841</FONT>
shares of the Company.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On September 30, 2024 and December 31, 2023,
the consolidated liability balances of the share compensation plans were R$115,891 and R$154,689 (Note 15), respectively, including taxes.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>30. PENSION
PLANS AND OTHER POST-EMPLOYMENT BENEFITS</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The plans sponsored by the Company and its
subsidiaries and the related benefits by type are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Plan</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Type</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Entity</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 55%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Sponsor</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">PBS-A</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Defined benefit (DB)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Sistel</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica Brasil, jointly with other telecoms resulting from privatization of the Sistema Telebr&aacute;s</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">PAMA / PCE</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Defined benefit (DB)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Sistel</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica Brasil, jointly with other telecoms resulting from privatization of the Sistema Telebr&aacute;s</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 140%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 140%">Healthcare </FONT><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt; line-height: 140%">&ndash;</FONT> <FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 140%">Law No. 9656/98</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Defined benefit (DB)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica Brasil, Terra Networks, TGLog, TIS, IoTCo Brazil and Cloud Co Brazil</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">CTB</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Defined benefit (DB)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica Brasil</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica BD</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Defined benefit (DB)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Vis&atilde;oPrev</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica Brasil</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">VIS&Atilde;O </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Defined contribution (DC) / Hybrid</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Vis&atilde;oPrev</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 9.6pt; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Telef&ocirc;nica Brasil, Terra Networks, TGLog, TIS, IoTCo Brazil and Cloud Co Brazil</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">The details of these plans are the same as
in Note 31) Pension Plans and Other Post-Employment Benefits, as disclosed in the financial statements for the year ended <FONT STYLE="background-color: white">December
31, 2023</FONT>.</P>


<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">The changes in consolidated balances of the
surplus and deficit plans were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Plans with surplus</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Plans with deficit</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;4,161&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(769,816)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(765,655)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current service cost</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(836)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(7,508)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(8,344)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Net interest on net defined benefit liabilities/assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;342&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(56,388)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(56,046)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Contributions and benefits paid by the employers</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;765&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;21,146&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;21,911&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Effects on comprehensive results</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;89,130&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;89,130&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Distribution of reserves</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(15,031)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(15,031)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;78,531&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(812,566)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(734,035)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current service cost</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(29)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(2,753)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(2,782)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Net interest on net defined benefit liabilities/assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;114&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(18,796)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(18,682)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Contributions and benefits paid by the employers</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;12&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(2,803)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(2,791)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Effects on comprehensive results</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,153&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(240,165)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(237,012)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Distribution of reserves</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(7,733)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(7,733)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;74,048&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(1,077,083)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(1,003,035)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current service cost</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(867)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(12,516)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(13,383)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Net interest on net defined benefit liabilities/assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,042&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(73,922)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(68,880)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Contributions and benefits paid by the employers</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;842&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;24,328&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;25,170&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Distribution of reserves</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(24,528)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(24,528)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on&nbsp;&nbsp;September 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;54,537&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(1,139,193)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(1,084,656)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;30,673&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;30,673&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Non-current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;43,375&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;43,375&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(31,588)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(31,588)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,045,495)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,045,495)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Balance on September 30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;33,916&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;33,916&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Non-current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,621&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,621&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(31,588)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(31,588)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,107,605)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(1,107,605)&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>31. FINANCIAL
INSTRUMENTS AND RISK AND CAPITAL MANAGEMENT</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>31.a. Derivative
transactions</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0">The Company's contracts derivative financial instruments mainly to protect
from exchange rate risks arising from assets and liabilities in foreign currency and protection against the risk of variation in inflation
of commercial leases indexed to the IPCA. There are no derivative financial instruments for speculation purposes and possible effects
from exchange rate risks are hedged.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">The Company maintains internal controls in
relation to its derivative financial instruments which, in Management's opinion, are adequate to control the risks associated with each
market operating strategy. The results obtained by the Company in relation to its derivative financial instruments demonstrate that management's
risk management has been carried out appropriately.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">As long as these derivative financial instrument
contracts are qualified as hedge accounting, the covered risk can also be adjusted to fair value, offsetting the result of the derivative
financial instruments, in accordance with the hedge accounting rules. This hedge accounting applies to both financial liabilities and
probable foreign currency cash flows.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Derivative financial instrument contracts
have specific clauses for penalties in case of breach of contract. The breach of contract provided for in agreements made with financial
institutions is characterized by non-compliance with a contractual clause, resulting in early termination of the contract.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On September 30, 2024 and December 31, 2023,
the Company held no embedded derivatives contracts.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.a.1. Fair value of derivative financial
instruments</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The fair values of the 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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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's
coupon-rate yield curves.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">Consolidated derivatives financial instruments
shown below are registered with B3 and classified as swaps, usually, that do not require margin deposits.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company / Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Accumulated effects from fair value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Notional Value</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Amount receivable (payable)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Description</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 13%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Swap contracts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B><U>Assets position</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;878,877&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;820,298&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;85,828&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;85,288&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><U>Foreign Currency</U></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;575,490&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;609,794&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;256&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">US$<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;395,489&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;369,544&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;27&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">EUR<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;180,001&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;125,848&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;229&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">NDF US$<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;114,402&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><U>Floating rate</U></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;260,619&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;172,471&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,428&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,952&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">CDI<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;215,628&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;172,471&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,189&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,952&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Euribor<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;44,991&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Inflation rates</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;42,768&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38,033&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;84,400&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;83,080&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IPCA<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;42,768&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38,033&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;84,400&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;83,080&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B><U>Liabilities position</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(878,877)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(820,298)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(103,166)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(94,703)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><U>Floating rate</U></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(663,249)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(533,425)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(102,294)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(93,805)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">CDI<SUP>(1)(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(663,249)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(533,425)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(102,294)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(93,805)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><U>Fixed rate</U></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(114,402)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(898)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">NDF US$<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(114,402)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(898)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><U>Foreign Currency</U></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(215,628)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(172,471)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(872)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">US$<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(161,144)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(169,247)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(366)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">EUR<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(54,484)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(3,224)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(506)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Long position </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;8,100&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;85,288&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,861&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,336&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,952&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Short position </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(25,438)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(94,703)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Current </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(8,399)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(6,948)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 12.2pt; line-height: 120%; text-indent: -3.7pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Non-current </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(17,039)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(87,755)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Amounts payable, net&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(17,338)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(9,415)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Foreign currency swap (euro and
CDI x euro) (R$125,517) and (US dollar and CDI x US dollar) (R$234,345) &ndash; swap operations contracted with maturities until November
22, 2024, with the objective of protecting against exchange variation risks of net amounts payable (book value of R$2294 payable and R$4916
payable, respectively).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% 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"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Swap IPCA x CDI (R$42,768) &ndash;
swap operations contracted with maturities in 2033 with the objective of protecting against the risk of variation of the IPCA (book value
of R$10,367 payable).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% 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"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Contracted forward operations (NDF
dollar x R$), ending on June 11, 2024, its objective was to protect against risks of exchange rate variation in service contracts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">EURIBOR x CDI Swap (<FONT STYLE="background-color: white">R$44,991</FONT>)
&ndash; swap transactions contracted with maturities in 2027 with the objective of protecting against the risk of variation in the EURIBOR
(book value of <FONT STYLE="background-color: white">R$239</FONT> receivable).</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 72 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Swaps maturing after September 30, 2024,
are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Maturing in</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Swap contract</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>1 to 12 months</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>13 to 24 months</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>25 to 36 months</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>37 to 48 months</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>49 to 60 months</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>From 61 months</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Amount receivable (payable) on 06.30.2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IPCA x CDI</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,672&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,467&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,407&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,391&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,963&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(35,267)&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(10,367)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Euribor x CDI</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;239&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Foreign currency x CDI</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(7,527)&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(7,527)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">CDI x Foreign Currency</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;317&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;317&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(538)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;5,467&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;4,646&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;4,391&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;3,963&#9;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(35,267)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(17,338)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In the periods ended September 30, 2024 and
2023, derivative financial instruments generated positive and negative consolidated net results of <FONT STYLE="background-color: white">R$16,327</FONT>
and R$110,510, respectively (Note 27.).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.a.2. Sensitivity analysis of the Company's
risk variables</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Publicly-held companies must disclose a sensitivity
analysis table for each type of market risk considered relevant by Management, arising from financial instruments, to which the entity
is exposed at the closing date of each period, including all operations with derivative financial instruments.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Each financial instrument derivative transaction
was assessed, and assumptions included a probable base scenario and a further two stressed scenarios that could adversely impact the Company.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">For the probable base scenario, at the maturity
dates for each of the transactions, the market rates sourced from B3 yield curves (currencies and interest rates) were used plus data
from the IBGE, Central Bank, FGV, among others. In the probable scenario, there is no impact on the fair value of the above-mentioned
derivatives. For scenarios II and III, as per the CVM rule, risk variables were stressed by 25% and 50%, respectively.</P>


<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">Since the Company only holds derivatives
to hedge its foreign currency assets and liabilities, other scenarios are not applicable. For these transactions, the Company reported
the consolidated net exposure in each of the above-mentioned three scenarios on September 30, 2024.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company / Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Transaction </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 12%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Probable</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 12%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>25% depreciation</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 12%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>50% depreciation</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Hedge (assets position)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivatives (depreciation risk EUR)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;122,685&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;153,356&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;184,027&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Payables in EUR</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debt (appreciation risk EUR)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(131,934)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(164,918)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(197,902)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Receivables in EUR</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debt (depreciation risk EUR)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,530&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;11,913&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;14,295&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Net Exposure</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;281&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;351&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;420&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Hedge (assets position)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivatives (depreciation risk US$)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;230,155&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;287,694&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;345,232&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Payables in US$</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debt (appreciation risk US$)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(355,674)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(444,593)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(533,512)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Receivables in US$</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debt (depreciation risk US$)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;125,537&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;156,922&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;188,306&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Net Exposure</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;18&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;23&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;26&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Hedge (assets position)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivatives (risk of decrease in IPCA)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;33,134&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,283&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,899&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debt in IPCA</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debt (risk of increase in IPCA)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(33,134)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(20,283)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(6,899)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Net Exposure</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Hedge (assets position)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivatives (depreciation risk Euribor)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;298&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;448&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">OPex em US$</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debt Euribor</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(239)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(298)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(448)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Net Exposure</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Hedge (CDI position)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Hedge US$ and EUR (liabilities position)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivatives (risk of decrease in CDI)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;872&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;891&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;898&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 12pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Hedge IPCA (liabilities position)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivatives (risk of increase in CDI)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(43,501)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(54,376)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;(65,251)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Net Exposure</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(42,629)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(53,485)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(64,353)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total net exposure in each scenario</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(42,330)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(53,111)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(63,907)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Net effect on changes in current fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;&mdash;&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(10,781)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;(21,577)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0; text-align: justify">The fair values shown in the table above are
based on the portfolio position on September 30, 2024, but do not contemplate other changes to market variables which are constantly monitored
by the Company. The use of different assumptions could significantly affect the estimates.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The assumptions used by the Company for the
sensitivity analysis on September 30, 2024, were as follows:</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Risk Variable</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Probable</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>25% depreciation</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>50% depreciation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">US$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5.4305&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6.7881&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8.1458&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">EUR</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6.0146&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7.5182&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9.0218&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IPCA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4.48&#9;%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5.63&#9;%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6.79&#9;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">IGPM</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4.53&#9;%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5.69&#9;%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6.87&#9;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">CDI</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;10.65&#9;%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;13.48&#9;%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;16.39&#9;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Euribor</FONT></TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 140%">&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3.20&#9;%</FONT></TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4.01&#9;%</FONT></TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4.83&#9;%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>31.b. Fair value</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company and its subsidiaries use adequate
valuation techniques in the circumstances and for which there is sufficient data to measure the fair value, which maximizes the use of
relevant observable inputs and minimizes the use of unobservable inputs.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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: (i) <U>Level 1</U>: quoted market prices (unadjusted) in active markets for identical assets or liabilities;
(ii) <U>Level 2</U>: valuation techniques for which there is a significantly lower level of information to measure the fair value directly
or indirectly observable; and (iii) <U>Level 3</U>: valuation techniques for which the lowest and significant level of information to
measure the fair value is not available.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">During the periods shown in the tables below,
there were no transfers of fair value assessments between the levels mentioned.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">For fair value disclosure purposes, 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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The tables below present the composition
and classification of financial assets and liabilities on September 30, 2024, and December 31, 2023.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Book
    value</B></FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Fair
    value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Classification
    by category</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Fair
    value hierarchy</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial
    Assets&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Current
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Cash
    and cash equivalents&nbsp;&nbsp;(Note 3)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,317,429&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,031,235&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,317,429&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,031,235&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Financial
    investments (Note 4)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,148&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,148&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Trade
    accounts receivable (Note 5)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,790,788&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,944,992&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,790,788&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,944,992&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,861&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,107&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,861&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,107&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Sale
    of real estate and other receivables (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,910&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;106,223&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,910&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;106,223&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Loan
    agreement with subsidiary CloudCo Brasil (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;41&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;41&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Related-party
    receivables (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;88,067&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;261,015&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;88,067&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;261,015&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Non-current
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Financial
    investments (Note 4)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;31,931&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36,154&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;31,931&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36,154&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Trade
    accounts receivable (Note 5)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;295,984&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,036&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;295,984&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,036&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">3</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,952&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,952&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Sale
    of real estate and other receivables (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;55,575&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;51,129&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;55,575&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;51,129&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Loan
    agreement with subsidiary CloudCo Brasil (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;45,009&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;45,009&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Related-party
    receivables (Note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,634&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,756&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,634&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,756&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total
    financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;15,730,229&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;13,876,747&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;15,730,229&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;13,876,747&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial
    Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Current
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Trade
    accounts payable, net (Note 16)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,442,441&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,935,069&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,442,441&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,935,069&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Loans
    and financing (Note 20.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Leases
    (Note 20.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,257,032&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,873,697&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,257,032&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,873,697&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debentures
    (Note 20.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,587,933&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;221,589&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,587,933&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;221,589&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">5G
    Licenses (Note 20.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;61,621&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,291&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;61,621&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,291&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Tax
    Amnesty and Refinancing Program (Note 20.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;128,845&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;128,845&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,775&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,050&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,775&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,050&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">3</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;898&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;898&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Obligations
    payable to ANATEL (Note 22)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;138,273&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;99,884&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;138,273&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;99,884&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Reduction
    of capital of the Company (Note 22)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38,721&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38,721&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Amounts
    to be refunded to customers (Note 22)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;134,409&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;123,302&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;134,409&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;123,302&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Liabilities
    with related parties (Note 22)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;117,717&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,782&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;117,717&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,782&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Non-current
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Leases
    (Note 20.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,723,943&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,719,732&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,723,943&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,719,732&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debentures
    (Note 20.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,000,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,500,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,000,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,500,000&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">5G
    Licenses (Note 20.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;985,949&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;949,395&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;985,949&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;949,395&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Tax
    Amnesty and Refinancing Program (Note 20.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;330,557&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;330,557&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;17,039&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;87,755&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;17,039&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;87,755&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Obligations
    payable to ANATEL (Note 22)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;874,785&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;829,636&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;874,785&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;829,636&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Liabilities
    with related parties (Note 22)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;812&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,333&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;812&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,333&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total
    financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;29,847,852&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;27,707,413&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;29,847,852&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;27,707,413&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Book
    value</B></FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Fair
    value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Classification
    by category</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Fair
    value hierarchy</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>09.30.2024</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>12.31.2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial
    Assets&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Current
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Cash
    and cash equivalents&nbsp;&nbsp;(Note 3.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,798,719&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,358,276&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,798,719&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,358,276&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Financial
    investments (Note 4.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,148&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,148&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Trade
    accounts receivable (Note 5.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,195,715&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,318,077&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,195,715&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,318,077&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,861&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,336&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;7,861&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,336&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Sale
    of real estate and other receivables (Note 11.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,910&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;106,223&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,910&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;106,223&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Related-party
    receivables (Note 11.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;77,681&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;259,426&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;77,681&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;259,426&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Non-current
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Financial
    investments (Note 4.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;32,137&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36,169&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;32,137&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;36,169&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Trade
    accounts receivable (Note 5.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;329,857&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,036&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;329,857&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,036&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,952&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;76,952&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Sale
    of real estate and other receivables (Note 11.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;55,575&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;51,129&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;55,575&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;51,129&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Related-party
    receivables (Note 11.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,704&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,820&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;20,704&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,820&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total
    financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;16,595,398&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;14,575,592&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;16,595,398&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;14,575,592&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Financial
    Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Current
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Trade
    accounts payable, net (Note 16.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,742,807&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,169,945&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,742,807&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,169,945&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Loans
    and financing (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Leases
    (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,257,608&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,877,090&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;4,257,608&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,877,090&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debentures
    (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,587,933&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;221,589&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,587,933&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;221,589&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">5G
    Licenses (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;61,621&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,291&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;61,621&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;351,291&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Liabilities
    for the acquisition of a company (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;22,002&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;25,690&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;22,002&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;25,690&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Tax
    Amnesty and Refinancing Program (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;128,845&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;128,845&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,399&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,050&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;8,399&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,050&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">3</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;898&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;898&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Obligations
    payable to ANATEL (Note 22.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;138,273&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;99,884&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;138,273&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;99,884&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Reduction
    of capital of the Company (Note 22)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38,721&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;38,721&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Amounts
    to be refunded to customers (Note 22.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;136,564&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;124,533&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;136,564&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;124,533&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Liabilities
    with related parties (Note 22.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;117,253&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,103&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;117,253&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;5,103&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEFEF">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Non-current
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Leases
    (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,720,642&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,718,949&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,720,642&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;9,718,949&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Debentures
    (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,000,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,500,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,000,000&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;3,500,000&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">5G
    Licenses (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;985,949&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;949,395&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;985,949&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;949,395&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Liabilities
    for the acquisition of a company (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;44,240&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;63,198&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;44,240&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;63,198&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Tax
    Amnesty and Refinancing Program (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;330,557&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;330,557&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Derivative
    transactions (Note 31.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Level
    2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;17,039&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;87,755&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;17,039&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;87,755&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Other
    creditors (Note 20.a.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;108,804&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;30,025&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;108,804&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;30,025&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Obligations
    payable to ANATEL (Note 22.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;874,785&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;829,636&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;874,785&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;829,636&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Liabilities
    with related parties (Note 22.)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;600&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;568&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;600&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;568&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total
    financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;30,322,642&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;28,061,599&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;30,322,642&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;28,061,599&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify"><U>Classification by category</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Amortized cost</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Measured at fair value through profit
or loss</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/140% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt">Measured at fair value through OCI</FONT></TD></TR></TABLE>
<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>31.c. Capital
management</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The purpose of the Company's capital management
is to ensure maintenance of a high credit rating and an optimal capital ratio to support the Company's business and maximize shareholder
value.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company manages its capital structure
by making adjustments and adapting to current economic conditions. In seeking such equilibrium, the Company may pay dividends, obtain
new loans, issue debentures and contract derivatives. For the period ending in September 30, 2024, there were no changes in capital structure
objectives, policies or processes.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0; text-align: justify">The Company includes in the net debt structure the
balances of loans, financing, debentures, leases, 5G licenses, contractual retention and contingent liabilities arising from the acquisition
of Companies, tax amnesty programs, other creditors and derivative financial instruments, less cash and equivalents cash and accounts
receivable from credit rights (FIDC Vivo Money).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>31.d. Risk management
policy</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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-related financial
instruments.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.d.1. Currency Risk</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company is exposed to the foreign exchange
risk for financial assets and liabilities denominated in foreign currencies, which may reduce receivables or increase payables depending
on the exchange rate in the period.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Hedging transactions were executed to minimize
the risks associated with exchange rate changes 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$<FONT STYLE="background-color: white">42,379</FONT> thousand, &euro;<FONT STYLE="background-color: white">20,278</FONT> thousand and
&pound;<FONT STYLE="background-color: white">74</FONT> thousand paid by September 30, 2024, and US$<FONT STYLE="background-color: white">33,796</FONT>
thousand, &euro;<FONT STYLE="background-color: white">18,409</FONT> thousand and &pound;<FONT STYLE="background-color: white">66</FONT>
thousand paid by December 31, 2023) to mitigate its foreign exchange risks.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.d.2. Interest and Inflation Risk</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">To reduce exposure to the floating interest
rate (CDI), the Company and its subsidiaries invested cash equivalents of R$6,749,772 and R$4,289,932 on September 30, 2024, and December
31, 2023, respectively, mostly in short-term CDI-based financial investments (CDBs). The carrying amounts of these instruments approximate
their fair values, as they may be redeemed in the short term.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.d.3. Liquidity Risk</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Liquidity risk consists of the possibility
that the Company might not have sufficient funds to meet its commitments due to the different timing and settlement terms of its rights
and obligations.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company structures the maturities of
financial instruments so as not to affect their liquidity.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company'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, are sufficient
to meet scheduled commitments in to mitigate liquidity risk.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The maturity profile of consolidated financial
liabilities includes future principal and interest amounts up to the maturity date. For fixed rate liabilities, interest was calculated
based on the indices established in each contract. For floating rate liabilities, interest was calculated based on the market forecast
for each period.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.d.4. Credit Risk</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The credit risk arises from the possibility
that the Company may incur losses resulting from the difficulty in receiving billed amounts related to the provision of services and the
sale of handsets and equipment to its B2C and B2B customers, in addition to the sale of handsets and pre-activated prepaid cards to the
distributor network.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Credit risk with accounts receivable is diversified
and minimized through strict control of the customer base and constant risk analysis. The Company constantly monitors the level of accounts
receivable and limits the risk of overdue accounts by cutting off access to the telephone line if the invoice is past due. For the prepaid
mobile customer base, which requires advance loading, there is no credit risk. Exceptions are made for emergency services that must be
maintained for reasons of national security or defense.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Credit risk on sales of pre-activated prepaid
handsets and cards is managed through a prudent 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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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-tier financial institutions as per current credit ratings of financial counterparties.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.d.5. Environmental Risks</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company's operations and properties are
subject to various environmental laws and regulations that govern environmental licenses and registrations, protection of fauna and flora,
atmospheric emissions, waste management and remediation of contaminated areas, among others. If the Company or its business partners are
unable to comply with current and future legal requirements, or identify and manage new or existing environmental liabilities, it will
have to incur significant costs, which include investigation and remediation costs, indemnities, compensation, adjustment of conduct,
fines, suspension of activities and other penalties, investments to improve facilities or change operations, in addition to damage to
the Company's reputation in the market.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">The identification of new relevant environmental
issues, changes in assessment criteria by regulatory agencies, entry into force of more restrictive laws and regulations or other unforeseen
events may result in significant environmental liabilities and their respective costs. The occurrence of any of these factors could have
a material adverse effect on the Company's business, results of operations and financial condition. According to article 75 of Law No.
9,605/1998, the maximum fine for non-compliance with the environmental law is R$50,000 plus losses related to embargoes or administrative
sanctions, in addition to indemnities and repairs for damages caused to the environment.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Climate change represents a series of potential
systemic (environmental, financial and socioeconomic) risks for telecommunications operators, such as the Company, both from a regulatory
and physical point of view. The increase in the intensity and frequency of extreme events, such as precipitation, cyclones, floods and
fires, may damage, suspend or interrupt the Company's transmission operations for an indefinite period. If a succession of serious natural
disasters occurs, the Company may not have sufficient resources to repair its infrastructure in a timely and economical manner.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In a simulation, an increase in temperature
directly affected the operational conditions of the Company's network equipment, causing failures, accelerated wear and loss of assets
and, therefore, increases in the risks of service interruptions. Cooling equipment essential for the Company's operation. Therefore, global
warming may also increase the need for cooling with higher energy use and operating costs.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The telecommunications sector is not especially
dependent on fossil fuels, but it is very dependent on electricity consumption for its networks, so that an increase in electricity prices
due to the scarcity of natural resources could have a significant impact on the Company's related operating expenses. The estimated economic
impact of this risk is classified as substantive in the horizon of 2030.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">To manage climate risks, the Company encourages
energy efficiency programs and plans for renewable energy and distributed energy generation. It also has a dedicated business continuity
area, guided by the Global Business Continuity Regulation (&ldquo;GBC&ldquo;), which prescribes the preventive risk management, ensuring
the resilience of its operations from possible interruption.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.d.6. Risks Relating to the Brazilian Telecommunications
Industry and the Company</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company's business is subject to extensive
regulation, including any regulatory changes that may occur during the terms of the concession agreements and the Company's authorizations
to provide telecommunication services in Brazil. ANATEL, oversees, among other matters: industry policies and regulations; licensing (including
licensing of spectrum and bidding processes); fees and tariffs; competition, incentives and competitive aspects (including the Company's
ability to grow by acquiring other telecommunications businesses); service, technical and quality standards; consumer rights; penalties
and other sanctions related to interconnection and agreements; in addition to related obligations to the universalization of services.</P>


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<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">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 operates 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. Accordingly, the Company's operating authorizations and licenses, must
meet specific requirements and maintain minimum quality, coverage and service standards. Any failure to comply with these 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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In recent years, ANATEL has reviewed and
introduced regulatory changes, especially regarding competition measures and interconnection fees charged among local providers of telecommunications
services. Asymmetric competition measures may include regulations aimed at rebalancing markets where one participant has significantly
different market share 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/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Under ANATEL's regulatory agenda for the
2023-2024 biennium, the revision of the General Competition Targets Plan (&ldquo;PGMC&rdquo;), approved by the Resolution no. 600, of
November 8, 2012 and updated by Resolution no. 694, of July 17, 2018, which concentrates, in a single normative instrument, a set of specific
measures aims at promoting competition and establishes the milestones for future reassessments of the performance of sectoral competition.
This review, which takes place every four years and began with the publication of public consultation no. 64, of November 6, 2023, is
dedicated to the reassessment of relevant markets in the sector, asymmetric regulatory measures and power holders of Significant Market
(&ldquo;PMS&rdquo;), previously established by the regulation itself. The expectation, as indicated in the proposed Regulatory Agenda
for the 2025-2026 biennium (under discussion in Public Consultation No. 46, of September 11, 2024), is that the new PGMC will be published
in the first half of 2025. As previously mentioned, also in November 2023, ANATEL submitted for public consultation the revision of the
Spectrum Use Regulation (&ldquo;RUE&rdquo;), approved by Resolution No. 671, of November 3, 2016. The new wording proposed by ANATEL includes,
among other changes, new rules for granting authorizations for the use of spectrum on a secondary basis, in addition to changes in the
procedures for assessing the efficient use of spectrum by ANATEL. The expectation, as indicated in the aforementioned proposed Regulatory
Agenda for the 2025-2026 biennium, is that the new RUE will be published in the first half of 2025.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Complementing the PGMC review, UPI's recent
acquisition of the mobile assets of OI M&oacute;vel S.A. by the three largest operators in the Brazilian SMP market (Vivo, Claro and TIM),
raised competition concerns by ANATEL and CADE, which imposed regulatory remedies in order to promote competitive conditions in the markets,
among which: (i) Reference Offer in the Relevant National Roaming Market; (ii) Reference Offer for developing Personal Mobile Service
&ndash; SMP through Virtual Network MVNO &ndash; (&ldquo;ORPA de MVNO&rdquo;); (iii) Offer of Temporary and Onerous Assignment of Radio
Frequency Use Rights; and (iv) Industrial Network Exploration Offer.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Regarding the Reference Offer, of Wholesale
National Roaming Products (&ldquo;National Roaming ORPA&rdquo;), the regulatory remedy uses as a basis the reference values approved and
calculated by ANATEL, based on a new methodology to study the roaming market cost model (LRIC + bottom-up model &ndash; Act No. 8822/2022).
As a result of the change in the methodology used, the new reference values show a significant reduction when compared to the reference
values previously in force (FAC-HCA top-down model &ndash; Act No. 9157/2018).</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">As to the Offers, as mentioned above, specifically
the MVNO ORPA and the National Roaming ORPA (&ldquo;ORPAs&rdquo;), these were being debated within the scope of ANATEL for the following
concepts: (i) <U>Requirement of Exclusivity of Contracting Companies: </U>ANATEL decided, for MVNO LTRO, that the exclusivity requirement
violates Res. 550/2010 and therefore cannot be maintained as a condition. For the Roaming LTRO, exclusivity may only be required in cases
of contracting (a) National Roaming under an Industrial Exploration regime and (b) conventional National Roaming (transitional use) only
on the 5GSA network; and (ii) <U>Collection of Minimum Monthly Deductible:</U> ANATEL decided that in both LTROs the minimum monthly deductible
cannot be charged for a period of 05 (five) years.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company currently has contracts signed
with the possibility of charging the minimum monthly franchise both in the National Roaming market and in the MVNO market, so that current
contracts, depending on the contracting companies, can be migrated to the new updated offers.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Generally, the adoption of disproportionately
asymmetric measures and the prospect of adoption, by ANATEL, of concepts, prices and remuneration models may impact on remuneration and
costs, causing considerable harm to the business, financial condition, revenues, results operations and prospects of the Company.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">As to the interconnection fees, an important
part of the Company's revenue and cost bases, these are charged among telecommunications service providers in order to allow and remunerate
the interconnected use of their networks. To the extent that changes to the rules governing interconnection fees reduce the fees of the
Company or its ability to collect such fees, the Company's businesses, financial condition, revenues, results of operations and prospects
could be adversely affected.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">In addition, the Company is also subject
to changes in rules and regulations aimed at preserving the rights of consumers of telecommunications services. In this sense, it should
be added that ANATEL published, in November 2023, the new General Regulation on Consumer Rights (&ldquo;RGC&rdquo;), through Resolution
No. 765/2023, which will replace Resolution No. 632/2014. This new Regulation changes some provisions in a more relevant way, such as
the way telecommunications service offers are made and the rules for blocking due to default, in addition to updating/modernizing some
service rules.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">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 less flexible operational and/or service requirements; the granting of operating
licenses in the Company's areas; limitations on interconnection fees the Company can charge to other telecommunications service providers;
imposition of significant sanctions or penalties for failure 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>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0; text-align: justify">Finally, there is also the risk that the Company
will not be successful in future tenders to be carried out by ANATEL regarding the acquisition of new authorizations for the use of radio
frequencies. The Board of Directors of ANATEL, through Ruling No. 148/2024, determined that ANATEL's Superintendencies adopt the necessary
measures for the publication, by December 31, 2025, of a new Notice for the bidding procedure regarding to the 700 MHz subband. Therefore,
there is an expectation that a new tender will be held for this subband in 2025. As indicated by ANATEL through Resolution No. 757/2022,
it is expected that ANATEL will hold new auctions by 2028, for the 850 MHz sub-band, and before 2032, for the 900 MHz and 1800 MHz sub-bands.</P>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.d.7. Insurance Coverage</I></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The policy of the Company and its subsidiaries,
as well as the Telef&oacute;nica Group, is to contract insurance coverage for all significant assets and liabilities of high-risk based
on Management's judgment and following Telef&oacute;nica corporate program guidelines.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On September 30, 2024, the 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 total R$<FONT STYLE="background-color: white">900,000</FONT> for operational risks (including
business interruption) and R$<FONT STYLE="background-color: white">75,000</FONT> for general civil liability.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The independent auditors' scope of work does
not cover reviewing the sufficiency of the insurance coverage, which was determined by the Company's Management and which it considers
sufficient to cover potential claims.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt; color: #00497F"><I>31.d.8. Compliance</I></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company is subject to compliance with
Brazilian legislation related to combating corruption, in particular Law No. 12,846/2013 and Decree No. 11,129/2022, as well as foreign
legislation in the jurisdictions in which it operates as a securities issuer and securities, more specifically the US Foreign Corrupt
Practice Act &ndash; FCPA of 1977.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">Violations of legislation aimed at combating
corruption may result in financial penalties, damage to reputation and other legal consequences that may negatively affect the Company's
activities, the results of its operations or its financial condition.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company has internal policies and procedures
designed to prevent, detect and remedy non-compliance with these laws by the Company's directors, officers, partners, executives, representatives
and service providers and develops and implements initiatives to ensure continuous improvement of its Compliance Program, through a robust
organizational and governance structure that guarantees operations based on ethics, transparency and respect for applicable laws and regulations.</P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">As a result of its commitment to maintaining
a robust Compliance Program, since 2020 the Company has obtained the DSC 10,000 certification annually, currently valid until December
14, 2024. In 2024, the Company was also recognized at the first edition of the Leaders League Compliance Summit &amp; Awards Brazil for
having the best Compliance department in Telecom and Technology and, in 2023, it was recognized as a Pro &Eacute;tica company, an initiative
of the Comptroller General of the Union (&ldquo;CGU&rdquo;) and the Ethos Institute to encourage the voluntary adoption of integrity measures
by companies and, thus, recognize those that are committed to implementing actions aimed at preventing, detecting and remediating acts
of corruption and fraud.</P>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>32. SUPPLEMENTAL
CASH FLOW INFORMATION</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The following is a reconciliation of the
consolidated cash flow financing activities for the six months ended September 30, 2024, and 2023.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cash
    flows from financing activities</B></FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cash
    flows from operating activities</B></FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Financing
    activities not involving cash and cash equivalents</B></FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Entries</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Write-offs
    (payments)</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Write-offs
    (payments)</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Financial
    charges, foreign exchange variation</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Additions
    (cancellations) of leases contracts and supplier financing</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Interim
    and unclaimed dividends and interest on equity </B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Interim
    dividends and interest on equity </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,247,884&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,821,575)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,570,199&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,996,508&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Financing
    - Other creditors</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;30,025&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;83,084&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(6,814)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,325&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;112,620&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Leases</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;13,596,039&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,151,962)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,153,390)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,181,768&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,505,795&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;13,978,250&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Debentures</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,721,589&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(443,422)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;309,766&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,587,933&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Financing
    - Liabilities for the acquisition of a company</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;88,888&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(22,927)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,862)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;4,143&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;66,242&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Financing
    - 5G Licences</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,300,686&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(285,250)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(2,241)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;34,375&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,047,570&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Financing
    - Tax Refinancing and Amnesty Program</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(38,018)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(829)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;13,595&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;484,654&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;459,402&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Derivative
    financial instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;9,415&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;25,084&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,462&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(20,623)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;17,338&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;20,994,526&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;83,084&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(4,294,648)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(1,607,096)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,529,349&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,990,449&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,570,199&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;21,265,863&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cash
    flows from financing activities</B></FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Cash
    flows from operating activities</B></FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Financing
    activities not involving cash and cash equivalents</B></FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Write-offs
    (payments)</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Write-offs
    (payments)</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Financial
    charges, foreign exchange variation</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Additions
    (cancellations) of leases contracts and supplier financing</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Business
    combination</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Interim
    and unclaimed dividends and interest on equity </B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Balance
    on&nbsp;&nbsp;September 30, 2023</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Interim
    dividends and interest on equity </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,187,417&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(3,503,590)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,091,577&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,775,404&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Financing
    - Loans and Other Creditors</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,073,090&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,056,060)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(33,486)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;16,456&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;15,000&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Leases</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;12,032,603&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(1,833,934)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(944,390)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,024,848&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;2,151,126&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;12,430,253&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Debentures
    </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,736,833&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(501,764)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;372,937&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;3,608,006&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Financing
    - Liabilities for the acquisition of a company</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;615,299&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(24,038)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(4,973)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(518,243)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;25,815&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;93,860&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Financing
    - 5G Licences</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,843,971&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(285,250)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(17,882)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;66,477&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;1,607,316&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">Derivative
    financial instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;6,118&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(99,640)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;(5,479)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;117,232&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%">&#9;18,231&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;22,495,331&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(6,802,512)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;(1,507,974)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;1,079,707&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,151,126&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;25,815&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;2,091,577&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 7pt; line-height: 120%"><B>&#9;19,548,070&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>33. CONTRACTUAL
COMMITMENTS AND GUARANTEES</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>33.a. Contractual
commitments</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company has unrecognized contractual
commitments arising from the purchase of goods and services, which mature on several dates, with monthly payments.</P>


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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">September 30, 2024, the total consolidated
nominal values equivalent to the full contract period were:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 86%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Periods</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">1 to 12 months</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;1,086,367&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">13 to 24 months</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;755,606&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">25 to 36 months</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;420,350&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">37 to 48 months</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;292,096&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">49 to 60 months</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;256,812&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">From 61 months</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;276,662&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total(1)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;3,087,893&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 4pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/7.2pt Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Includes R$492,841, referring to
contracts for the provision of security services with Telef&oacute;nica Cybersecurity Tech, S.L.U. (&ldquo;CyberCo&rdquo;) and its subsidiaries,
companies of the Telef&oacute;nica Group.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>33.b. Guarantees</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On September 30, 2024, the Company had guarantees
for several commitments with ANATEL, suppliers and legal proceedings:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 86%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Insurance of guarantee<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;28,332,812&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Letters of guarantee (Note 31.d.4.)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;6,220,474&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Judicial deposits and garnishments (Note 10.)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;2,960,700&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Property and equipment (Note 13.d.)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;106,876&#9;</FONT></TD></TR>
  <TR STYLE="background-color: #EEEFEF">
    <TD STYLE="padding-right: 2.65pt; padding-left: 4.5pt; line-height: 120%; text-indent: -4.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">Restricted&nbsp;&nbsp;financial investments &ndash; Legal proceedings (Note 4.)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%">&#9;32,137&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt double; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 8pt; line-height: 120%"><B>&#9;37,652,999&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Frutiger LT 45 Light,serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">&nbsp;<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 6pt">Refer to amounts of insurance contracted
to ensure the continuity of the discussion of lawsuits (note 19).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 20pt 0 10pt 0.25in; text-indent: -0.25in; color: #00497F"><B>34. SUBSEQUENT
EVENTS</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>34.a. Closing
of the acquisition of IPNET and IPNET USA</B></P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The Company, following of the Notice to the
Market disclosed on July 22, 2024, informs its shareholders and the market in general that, on October 1, 2024 that its subsidiary CloudCo
entered into the Closing Agreement and concluded the acquisition of all the shares issued by IPNET and IPNET USA, for the amount of up
to R$230 million, subject to meeting certain operational and financial metrics (note 1.c.6).</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 10pt 0 5pt 0.25in; text-indent: -0.25in; color: #00497F"><B>34.b. Investments
by Vivo Ventures Fund (&ldquo;VV&rdquo;)</B></P>

<P STYLE="font: 10pt/14pt Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">On October 18, 2024, VV acquired a minority
equity interest in AGL Holding, the owner of Agrolend Sociedade de Cr&eacute;dito, Financiamento e Investimentos S.A. (&ldquo;Agrolend&rdquo;),
equivalent to 0.9% of Agrolend&rsquo;s total share capital (on a fully diluted basis), through a contribution of US$1,550 thousand, which
will be made within 20 business days from the signing of the definitive documents.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">The acquisition value, therefore, is not
considered material to VV or the Company. The Transaction is not subject to price adjustments, nor to the satisfaction of conditions precedent
for its consummation.</P>


<!-- Field: Page; Sequence: 85 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: bottom"><TD STYLE="width: 63%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/22.4pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 16pt; color: #00497F"><B>Telef&ocirc;nica Brasil S.A.</B></FONT></TD><TD STYLE="width: 37%; padding-top: 2.65pt; padding-bottom: 1.5pt; font: 12pt/140% Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(A free translation of the original in Portuguese)</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%"><B>NOTES TO THE INDIVIDUAL COMPANY AND CONSOLIDATED QUARTERLY INFORMATION</B></FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">Nine-month period ended September 30, 2024</FONT></TD></TR><TR STYLE="vertical-align: bottom"><TD COLSPAN="2" STYLE="border-bottom: #00497F 1pt solid; font: 12pt/140% Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; font-size: 9pt; color: #00497F; line-height: 140%">(In thousands of Reais, unless otherwise stated)</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 9pt 0pt 10pt; text-align: justify">Agrolend is an agricultural fintech that
provides credit to small and medium-sized rural producers in Brazil, to finance the development of agricultural production and encourage
investment in inputs, equipment and technology that increase the productivity and profitability of producers. The fintech provides millions
of Reais in credit to farmers annually and has the potential to boost the Company's product offering to this market, providing connectivity
and solutions for better field management.</P>

<P STYLE="font: 10pt/140% Frutiger LT 45 Light,serif; margin: 0 0 10pt; text-align: justify">This is the sixth investment made by VV
since its creation in April 2022. The investment in Agrolend reinforces the Company's presence as a hub for digital services, by advancing
innovative solutions.</P>

<!-- Field: Page; Sequence: 86; Options: NewSection; Value: 83 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="margin-top: 0; margin-bottom: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(0,72,127); width: 95%">&nbsp;</TD><TD STYLE="text-align: center; width: 3%"><FONT STYLE="font-family: Frutiger LT 45 Light,serif; color: rgb(0,72,127)"><B>&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></B></FONT></TD><TD STYLE="background-color: rgb(0,72,127); width: 2%">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->



<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">November 8, 2024</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/ Jo&atilde;o Pedro Carneiro </font></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%">Jo&atilde;o Pedro Carneiro </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">Title:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">

   <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>

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

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

<DIV>

<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></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.45pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="Calibri,sans-serif"></FONT>&nbsp;</P>

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end
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